2 hrs ago
Orient Cables Shares Debut Nearly 65% Above IPO Price
Orient Cables began trading on the stock market on Monday.
Its shares opened much higher than the price investors paid in the IPO.
The shares opened at Rs 448.10 on the BSE and Rs 450 on the NSE, compared with the IPO price of Rs 272.
Many investors wanted to buy shares during the IPO, which was subscribed 92.27 times.
The company raised Rs 552 crore through the offering.
It plans to use some money to improve its factories and buy equipment.
It also plans to use some money to repay loans and for general business needs.
Orient Cables makes networking and other cables used in industries such as broadband, telecom and data centres.
Orient Cables shares listed at Rs 448.10 on the BSE, 64.74% above the Rs 272 issue price.
On the NSE, shares opened at Rs 450, a 65.44% premium to the issue price.
The Rs 552-crore IPO was subscribed 92.27 times on the final day of bidding.
After listing, the company's market valuation stood at Rs 4,589.54 crore.
Fresh-issue proceeds are planned for manufacturing investment, debt repayment and general corporate purposes.
- Who
- Orient Cables (India) Ltd and investors in its shares.
- What
- Orient Cables shares began trading at premiums of 64.74% on the BSE and 65.44% on the NSE over the Rs 272 IPO price.
- Where
- The BSE and NSE in India.
- When
- Monday; the article does not specify the date.
- Why
- The listing followed strong investor demand for the IPO; the article gives no further explanation for the premium.
Key facts
- IPO size
- Rs 552 crore
- IPO price
- Rs 272 per share
- BSE opening price
- Rs 448.10 per share, 64.74% above the issue price
- NSE opening price
- Rs 450 per share, 65.44% above the issue price
- IPO subscription
- 92.27 times on the final day of bidding
- Market valuation after listing
- Rs 4,589.54 crore
- Use of fresh-issue proceeds
- Manufacturing equipment and civil works, repayment or partial prepayment of borrowings, and general corporate purposes
Sources
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