Orient Cables IPO Day 3: Subscribed 15.78x; sHNI demand surges to 42.18x
- Orient Cables IPO subscribed 15.78x overall on Day 3
- sHNI demand surged to 42.18x; bHNI at 34.40x
- Retail investors subscribed 15.58x; QIBs at 0.22x
- Allotment date: September 30, 2026; Listing: October 5, 2026
*this image is generated using AI for illustrative purposes only.
Orient Cables IPO closed its third day of subscription with a robust overall bid-to-offer ratio of 15.78 times. Non-Institutional Buyers drove the surge, with small HNIs subscribing 42.18 times and big HNIs 34.40 times, while Retail investors contributed a healthy 15.58 times. Qualified Institutional Buyers (QIBs) remained largely absent, registering a mere 0.22 times subscription.
Subscription Status
The issue witnessed a steady acceleration in demand over the three-day period. Starting from a modest 1.96 times on Day 1, the subscription jumped significantly to 8.31 times by the end of Day 2, before closing Day 3 at 15.78 times. The momentum was primarily fueled by the retail and non-institutional segments, which consistently outpaced institutional interest throughout the offering period.
| 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 | 0.22x | 34.40x | 42.18x | 15.58x | 15.78x |
Category-wise Breakdown
Non-Institutional Investors (NII) The NII category was the standout performer, demonstrating aggressive bidding behavior. Small High Net-worth Individuals (sHNI) subscribed to the issue 42.18 times, indicating strong conviction among smaller wealthy investors. Big High Net-worth Individuals (bHNI) followed closely with a 34.40 times subscription. This segment collectively accounted for the bulk of the oversubscription, reflecting high appetite for the cable manufacturer's equity.
Retail Investors Retail participation was solid, with the category subscribing 15.58 times. This marks a significant increase from the 2.42 times seen on Day 1 and 9.15 times on Day 2, suggesting that retail sentiment strengthened as the issue progressed.
Qualified Institutional Investors (QIB) In contrast to the retail and HNI enthusiasm, QIB interest was negligible. The category subscribed only 0.22 times, showing no significant movement from the 0.06 times recorded on Day 2. This lack of institutional backing remains a notable feature of the current subscription data.
Intra-day Timeline on 29-09-2026
The final day's snapshot captured the cumulative demand as follows:
| 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 |
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 impact Orient Cables' post-listing price stability and institutional confidence?
Will the extreme oversubscription by retail and HNI investors lead to significant allotment dilution and affect secondary market demand on the listing day?
Can Orient Cables effectively mitigate its high customer concentration risk to sustain its 33% revenue CAGR after going public?
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