Orient Cables Powers Up Its Market Debut, ₹552-Crore IPO Set To Launch September 25
· Free Press Journal
Mumbai: Orient Cables (India) Limited has fixed a price band of ₹258–₹272 per share for its ₹552-crore initial public offering, as the networking cables manufacturer prepares to enter India’s primary market.
The Orient Cables IPO will open for subscription on September 25 and close on September 29. Its stock market debut is expected on October 5.
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The offer comprises a fresh issue of equity shares worth up to ₹320 crore and an offer for sale aggregating ₹232 crore by existing shareholders. The issue totals ₹552 crore at the upper band.
How IPO Proceeds Will Be Utilised
Orient Cables plans to deploy the proceeds from the fresh issue towards capital expenditure at its manufacturing facilities. The investment will cover the purchase of machinery and equipment, along with civil works.
Aditya Infotech Forms 50:50 Joint Venture With Orient Cables To Expand ManufacturingPart of the funds will be used to repay or partially prepay outstanding borrowings. The remaining amount will support general corporate requirements. Proceeds from the OFS will go to the selling shareholders rather than the company.
Issue Size Reduced By ₹148 Crore
The cable manufacturer had previously filed documents with the Securities and Exchange Board of India to raise ₹700 crore. That proposal included a ₹320-crore fresh issue and an OFS worth ₹380 crore.
The revised offering is ₹148 crore smaller, with the entire reduction made in the offer-for-sale component. The size of the fresh issue remains unchanged.
Company Business And Product Portfolio
Orient Cables manufactures networking cables and passive networking equipment for sectors including broadband, telecommunications, data centres, renewable energy and smart-building automation.
Snapdeal Parent AceVector’s ₹420-Crore Market Debut Nears, Here’s What Investors Must Know Before September 25Its portfolio covers three categories: networking cables and solutions; specialty power and optical-fibre cables and solutions; and allied products.
JM Financial and IIFL Capital Services are the book-running lead managers for the IPO. KFin Technologies has been appointed registrar to the public issue.