Orient Cables IPO Day 2: Subscribed 8.31x; sHNI demand surges to 23.49x
- Orient Cables IPO subscribed 8.31x overall on Day 2
- Small HNIs led demand with 23.49x subscription
- Retail investors subscribed 9.15x
- QIB participation remained low at 0.06x
- Issue closes on September 29, 2026
*this image is generated using AI for illustrative purposes only.
Orient Cables IPO saw explosive demand on its final day, with overall subscription hitting 61.76 times. QIB interest surged dramatically to 115.71 times, overshadowing earlier moderate figures.
Subscription Status
The issue experienced a significant acceleration in bidding activity on September 29, 2026. While the cumulative subscription stood at 8.31 times by the end of Day 2, it jumped more than sevenfold to 61.76 times by the close of Day 3. The primary driver was a massive influx of institutional bids in the afternoon session, transforming cautious observation into aggressive accumulation.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.01x | 5.31x | 2.55x | 2.42x | 1.96x |
| Day 2 | 28-09-2026 | 0.06x | 23.49x | 14.31x | 9.15x | 8.31x |
| Day 3 | 29-09-2026 | 115.71x | 71.10x | 101.20x | 18.33x | 61.76x |
Category-wise Breakdown
Qualified Institutional Investors (QIB) The QIB category emerged as the standout performer, shifting from negligible participation to overwhelming dominance. Demand skyrocketed from 0.06 times on Day 2 to 115.71 times by the close of Day 3. This represents a monumental jump from the day's opening snapshot of 0.20 times, indicating strong institutional conviction in the company's valuation and growth prospects.
Non-Institutional Investors (NII) Non-Institutional Investors displayed high conviction, with Small High Net-worth Individuals (sHNI) subscribing 101.20 times and Big High Net-worth Individuals (bHNI) recording a subscription of 71.10 times. The sHNI segment crossed the 100x mark, reflecting intense competition for allotment among this category.
Retail Investors Retail participation remained steady but relatively lower compared to institutional and HNI segments, with the category subscribing 18.33 times. Despite the dominance of larger investors, retail appetite contributed significantly to the overall oversubscription figure.
Intra-day Timeline
The following table details the subscription status progression on Day 2 (28-09-2026), highlighting the rapid accumulation of bids throughout the trading day:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.02x | 9.40x | 4.31x | 3.59x |
| 12:15 | 0.02x | 12.30x | 5.41x | 4.60x |
| 13:15 | 0.02x | 14.32x | 6.22x | 5.33x |
| 14:15 | 0.04x | 16.85x | 7.05x | 6.19x |
| 15:15 | 0.04x | 18.30x | 7.66x | 6.71x |
| 16:15 | 0.05x | 19.48x | 8.21x | 7.16x |
| 17:15 | 0.06x | 23.49x | 9.15x | 8.31x |
Offer Details
The Orient Cables IPO opened on September 25, 2026, and closed on September 29, 2026. The price band was set between ₹258.00000 and ₹272.00000 per share. The minimum bid quantity was fixed at 55 shares. The total issue size ranged from ₹14,190 crore to ₹5,00,000 crore based on the final pricing within the band.
About the Company
Orient Cables (India) Limited is a prominent player in the networking cables industry, holding an approximate 22.9% market share in Fiscal 2026. Founded in 2005, the company manufactures networking cables and passive networking equipment for sectors including broadband, telecom, data centres, and renewable energy. It operates three manufacturing facilities with an installed capacity of 895,776 kms of cables.
Financial Highlights
The company has demonstrated consistent revenue growth, achieving a CAGR of ~33.45% from Fiscal 2024 to Fiscal 2026.
| Particulars (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 657.77 | 824.96 | 1171.65 |
| Total Revenue | 664.98 | 831.86 | 1181.67 |
| Profit Before Tax | 54.36 | 71.71 | 72.60 |
| Total Profit | 40.07 | 53.32 | 53.56 |
| Total Assets | 293.22 | 427.19 | 580.79 |
Objects of the Issue
The net proceeds from the IPO are earmarked for:
- Repayment or Prepayment of Outstanding Borrowings: ₹155.50 crore to reduce indebtedness and strengthen the balance sheet.
- Funding of Capital Expenditure: ₹91.50 crore for purchasing machinery and equipment to expand capacity.
- General Corporate Purposes: For marketing, working capital, and business development.
Risk Factors
Key risks disclosed include:
- Customer Concentration: 84.00% of revenue from operations comes from the top 10 customers.
- Raw Material Volatility: Over 74.91% of raw materials sourced from top 10 suppliers; exposure to copper and PVC price fluctuations.
- Negative Operating Cash Flows: The company reported negative cash flows from operating activities in recent periods.
- Geographic Concentration: Two of three manufacturing facilities are located in Bhiwadi, Rajasthan.
What's Next
Allotment of shares is scheduled for September 30, 2026. The listing date is set for October 5, 2026.
How might the negligible QIB subscription of 0.06x impact the stock's price stability and institutional support post-listing?
Will the heavy reliance on retail and HNI demand lead to significant volatility or a sharp correction in the share price during the first week of trading?
How will Orient Cables address its negative operating cash flows and high customer concentration risks to sustain growth after utilizing IPO proceeds for debt repayment?
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