NewsOrient Cables IPO Day 2: Subscribed 4.60x; sHNI demand surges to 12.30x; QIB remains at 0.02xOrient Cables IPO Day 2: Subscribed 4.60x; sHNI demand surges to 12.30x; QIB remains at 0.02x
- Orient Cables IPO subscribed 4.60x on Day 2, up from 1.96x on Day 1.
- Small HNI demand surged to 12.30x, leading the subscription momentum.
- QIB interest remained minimal at 0.02x despite the overall surge.
- Retail investors subscribed 5.41x, showing strong retail participation.
*this image is generated using AI for illustrative purposes only.
Orient Cables IPO witnessed a robust surge in demand on Day 2, with the issue subscribed 4.60 times overall. Non-Institutional Buyers drove the momentum, particularly small HNIs who bid 12.30 times for their quota, while Qualified Institutional Buyers showed minimal interest at 0.02x.
Subscription Status
The subscription figures for Orient Cables have improved significantly from Day 1 to Day 2. The overall subscription rate rose from 1.96x to 4.60x. The demand was primarily fueled by the Non-Institutional Investor category, which saw substantial growth in both large and small HNI segments.
| 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 | 0.02x | 7.08x | 12.30x | 5.41x | 4.60x |
Category-wise Breakdown
The demand pattern indicates a strong preference among individual investors and high-net-worth individuals over institutional players.
- Non-Institutional Buyers (Small HNIs): This category recorded the highest subscription at 12.30x, reflecting aggressive bidding from smaller high-net-worth individuals.
- Non-Institutional Buyers (Big HNIs): Large HNIs subscribed 7.08 times to their reserved portion, showing increased confidence compared to Day 1.
- Retail Individual Investors (RII): Retail investors subscribed 5.41 times, indicating steady participation from the general public.
- Qualified Institutional Buyers (QIB): Institutional interest remained tepid, with the QIB portion subscribed only 0.02 times.
- Employees: The employee reservation category received no bids (0x) as of the latest update.
Intra-day Timeline
The following table details the subscription status progression on Day 2 (28-09-2026):
| 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 |
Offer Details
- Company: Orient Cables
- Price Band: ₹258.00000 - ₹272.00000
- Issue Size: ₹14,190 crore - ₹5,00,000 crore
- Minimum Bid Quantity: 55 shares
- Opening Date: 2026-09-25 10:00:00
- Closing Date: 2026-09-29 17:00:00
About the Company
Orient Cables (India) Limited is a manufacturing company with nearly two decades of operations, primarily focused on networking cables and passive networking equipment. It caters to high-growth industries including broadband, telecom, data centres, renewable energy, smart building automation, FMEG, and automotive. The company is recognized as one of India's top four players in the networking cables industry with an approximate 22.9% market share in Fiscal 2026.
It operates three manufacturing facilities (two in Bhiwadi, Rajasthan and one in Bengaluru) with an installed capacity of 895,776 kms of cables as of June 30, 2026. The company serves marquee B2B customers including top telecom service providers, OEMs, and resellers.
Financial Highlights
The company has demonstrated significant revenue growth over the past three fiscal years.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 1171.65 | 824.96 | 657.77 |
| Total Income (₹ crore) | 1181.67 | 831.86 | 664.98 |
| Profit Before Tax (₹ crore) | 72.60 | 71.71 | 54.36 |
| Profit After Tax (₹ crore) | 53.56 | 53.32 | 40.07 |
Objects of the Issue
The company proposes to utilize the net proceeds from the issue for the following purposes:
- Funding of Capital Expenditure: ₹91.50 crore towards purchase of machinery, equipment, and civil works at its Manufacturing Facilities to expand capacity and enhance operational efficiency.
- Repayment or Prepayment of Outstanding Borrowings: ₹155.50 crore for repayment or prepayment, in full or in part, of certain outstanding borrowings to reduce indebtedness and strengthen the balance sheet.
- General Corporate Purposes: For marketing, working capital, business development, employee welfare, and other operational expenses.
Risk Factors
Key risks disclosed by the company include:
- Customer Concentration Risk: The company derives 84.00% and 76.52% of its revenue from operations from its top 10 customers as of the three months period ended June 30, 2026 and Fiscal 2026, respectively.
- Raw Material Supply Concentration: Over 74.91% and 69.71% of raw materials were sourced from top 10 suppliers in the three months period ended June 30, 2026 and Fiscal 2026, respectively, with no long-term supply contracts.
- Negative Cash Flows: The company experienced negative cash flows from operating activities of ₹(117.64) million, ₹(266.44) million, and ₹(97.85) million in the three months period ended June 30, 2026, Fiscal 2026, and Fiscal 2025, respectively.
- Geographic Concentration: Two of the three manufacturing facilities are concentrated in Bhiwadi, Rajasthan, exposing operations to regional disruptions.
- Dependence on Networking Cables: The company derives 68.60% to 87.89% of its revenue from networking cables and solutions, making it highly exposed to fluctuations in this single product segment.
What's Next
The Orient Cables IPO will close on 2026-09-29. Allotment is scheduled for 2026-09-30, and the shares are expected to list on stock exchanges on 2026-10-05.
How might the stark divergence between strong retail/HNI demand and negligible institutional interest impact Orient Cables' stock price stability and volatility following its October 5 listing?
Given the company's heavy reliance on its top 10 customers for over 80% of revenue, what specific diversification strategies will management implement post-IPO to mitigate this concentration risk?
With negative operating cash flows reported in recent periods, how will the ₹91.50 crore capital expenditure allocation effectively translate into improved liquidity and operational efficiency in the next fiscal year?
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