Orient Cables To Launch ₹552-Cr IPO On Sep 25

Orient Cables (India) Ltd on Tuesday announced a price band of ₹258-272 per share for its ₹552-crore IPO, as the networking cables and passive networking equipment maker gears up to tap the primary market.

The issue will open for public subscription on September 25 and close on September 29, according to a public announcement.

The IPO comprises a fresh issue of equity shares worth up to ₹320 crore and an Offer for Sale (OFS) of shares aggregating up to ₹232 crore.

Proceeds of the fresh issue will be used for capital expenditure towards purchase of machinery, equipment and civil works at its manufacturing facilities; repayment or partial prepayment of certain borrowings. A portion will also be used for general corporate purposes.

Earlier, the company had filed preliminary papers with Sebi to raise ₹700 crore through IPO, comprising a fresh issue of ₹320 crore and an OFS of ₹380 crore. The revised IPO size is therefore lower by ₹148 crore, with the entire reduction coming from the OFS component.

Orient Cables specialises in networking cables and passive networking equipment and caters to industries including broadband, telecom, data centres, renewable energy and smart building automation.

Its product portfolio is divided into three broad segments -- networking cables and solutions; specialty power and optical fibre cables and solutions; and other allied products.

The company is expected to make its stock market debut on October 5.

JM Financial and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.