Orient Cables’ Rs.552-Cr IPO subscribed over 12 times

Gurugram-based Orient Cables ’ initial public offering (IPO) was subscribed 11.52 times on the final day of bidding. The IPO received bids for 17,29,60,480 shares against 1,49,76,743 shares on offer. The non-institutional investor portion was subscribed 25.64 times, while retail investors subscribed 12.05 times. IIFL Capital Services and JM Financial are the merchant bankers managing the transaction.Founded in 2005 by Vipul Nagpal and Garima Nagpal, Orient Cables manufactures networking cables and passive networking equipment for telecommunications, data centers, and renewable energy sectors.The public issue is a book-built offering priced in the range of INR 258 - 272 per share, comprising a fresh issue of INR 320 crore and an offer-for-sale of up to INR 232 crore by the promoter Nagpal family. Ahead of the IPO, the firm raised INR 165.6 crore from anchor investors, including Nippon Life India, ICICI Prudential AMC, and Aditya Birla Sun Life AMC.