Orient Cables IPO Day 3: Subscribed 61.76x; QIB demand surges to 115.71x; NII tops 71x
- Orient Cables IPO subscribed 61.76x overall by Day 3 close.
- QIB demand surged to 115.71x, leading all categories.
- sHNI segment crossed 100x mark at 101.20x; bHNI at 71.10x.
- Retail participation stood at 18.33x.
- Allotment due Sept 30, listing expected Oct 5, 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 on 29-09-2026
The final day's data highlights the rapid accumulation of bids, particularly after midday:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.20x | 34.22x | 12.93x | 12.56x |
| 12:15 | 0.22x | 42.18x | 15.58x | 15.78x |
| 13:15 | 2.63x | 53.70x | 18.35x | 21.11x |
| 14:15 | 21.65x | 67.31x | 21.43x | 31.97x |
| 15:15 | 63.74x | 86.22x | 24.89x | 51.85x |
| 16:15 | 182.76x | 99.03x | 28.38x | 91.08x |
| 17:15 | 115.71x | 71.10x | 18.33x | 61.76x |
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 extreme last-minute QIB surge from 0.20x to 115.71x influence the volatility and price discovery of Orient Cables' stock on its October 5 listing date?
Given the 84% customer concentration risk, what strategic steps is Orient Cables likely to take post-IPO to diversify its revenue base and mitigate dependency on top clients?
With raw materials accounting for over 74% of sourcing from top suppliers, how will the company manage copper and PVC price volatility to protect margins as it scales capacity?
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