Orient Cables IPO Day 2 Subscription: Issue 2.08x Booked, GMP, Price Band & Next Steps
New Delhi-headquartered structured cabling and optical fiber communication powerhouse Orient Cables (India) Limited witnessed robust institutional and retail investor demand on Day 1 of its Mainboard Initial Public Offering (IPO), achieving a 2.08x oversubscription on Friday, September 25, 2026, before trading paused for the weekend. The ₹552.00 Crore public issue—comprising a fresh issue of ₹320.00 Crore and an Offer for Sale (OFS) of ₹232.00 Crore—has established a price band of ₹258 to ₹272 per equity share. Demand on opening day was anchored by aggressive bids from Non-Institutional Investors (NII / HNI subscribed 3.68x) and Retail Individual Investors (RII subscribed 2.58x), while unofficial grey market premiums (GMP) are holding firm between ₹68 and ₹72 per share (~25% to 27% premium). With bidding resuming for Day 2 on Monday, September 28, 2026, and concluding on Tuesday, September 29, 2026, retail investors face an oversubscribed book requiring mandatory Cut-Off price bidding and proactive UPI mandate approval ahead of the September 30 allotment finalization.
Issue Update (1 October 2026): Bidding for Orient Cables IPO has officially concluded with a staggering 97.28x oversubscription. The basis of allotment has been finalized today! Check Your Orient Cables Allotment Status Online →
Investor enthusiasm in India's technology and telecommunications manufacturing sector surged over the final weekend of September 2026 as the Initial Public Offering (IPO) of Orient Cables (India) Limited (CIN: U31300DL2002PLC116744) crossed full subscription on its very first day of public bidding.
The New Delhi-headquartered manufacturer of structured data communication cables, local area network (LAN) cables, optical fiber cables (OFC), and passive telecom networking hardware launched its ₹552.00 Crore Mainboard public offering on Friday, September 25, 2026, closing Day 1 with a robust 2.08x overall subscription. With stock exchanges closed over the weekend (September 26–27), bidding for Day 2 reopens on Monday, September 28, 2026, at 10:00 AM IST, heading toward final issue closure on Tuesday, September 29, 2026.
Below is an institutional analysis of the category-wise subscription demand, grey market premium (GMP) dynamics, corporate financial scale exceeding ₹1,170 Crore, and a step-by-step explainer for investors bidding on Day 2 and Day 3.
| Key Offer Parameter | Official Issue Specifications (RHP Submission) |
|---|---|
| Issuer Company | Orient Cables (India) Limited (Incorporated in 2002; Registered Office: New Delhi) |
| Issue Structure | 100% Book Built Mainboard Public Issue (BSE & NSE) |
| Price Band | ₹258 to ₹272 per Equity Share |
| Face Value | ₹2.00 per Equity Share |
| Bidding Lot Size | 55 Equity Shares (Multiples of 55 thereafter) |
| Minimum Retail Commitment | ₹14,960 (at upper price cap of ₹272) |
| Total Issue Size | ₹552.00 Crore |
| Fresh Issue Component | Up to ₹320.00 Crore (~1,17,64,705 Equity Shares) |
| Offer for Sale (OFS) | Up to ₹232.00 Crore (85,29,411 Equity Shares) |
| Registrar to the Issue | KFin Technologies Limited |
| Book Running Lead Managers | IIFL Capital Services Limited, JM Financial Limited |
| Listing Exchanges | BSE and NSE (Mainboard Equity Segment) |
1. Category-Wise Subscription Breakdown (Day 1 Closing / Day 2 Baseline)
Day 1 bidding witnessed strong retail and high-net-worth individual (HNI) participation, allowing the issue to achieve full oversubscription within hours of market opening on Friday:
| Bidding Category | Shares Offered | Shares Bid For | Subscription Level | Demand Overview |
|---|---|---|---|---|
| Non-Institutional Investors (NII / HNI) | 29,85,294 | 1,09,85,880 | 3.68x | Heavy high-net-worth bidding demand |
| • Small NII (sNII: ₹2L to ₹10L) | 9,95,098 | 41,00,000 | 4.12x | Retail-adjacent HNIs actively bidding |
| • Big NII (bNII: Above ₹10L) | 19,90,196 | 68,85,880 | 3.46x | Substantial institutional HNI book |
| Retail Individual Investors (RII) | 69,65,686 | 1,79,71,470 | 2.58x | Strong oversubscription across individual PANs |
| Qualified Institutional Buyers (QIB) | 39,80,392 | 39,800 | 0.01x | Typical pattern; QIB bids pool on Day 3 afternoon |
| Total Issue (Excluding Anchor) | 1,39,31,372 | 2,89,97,150 | 2.08x | Fully Booked (100%+ Covered on Day 1) |
Institutional Bidding Pattern: Retail investors should note that a low QIB figure (0.01x) on Day 1 is routine across Indian primary issuances. Mutual funds, foreign portfolio investors (FPIs), and domestic insurance houses customarily place their bids on the final afternoon (Day 3) once the overall book size and price discovery stabilize.
2. Grey Market Premium (GMP) Trend Going into Day 2
Unofficial tracking in the grey market reflects steady listing day sentiment supported by the initial 2x subscription:
- InvestorGain Assessment: Reporting an estimated premium of ₹68 per share over the upper price band of ₹272 (~25.0% expected listing gain).
- IPOWatch Assessment: Tracking a premium of ₹72 per share (~26.5% expected premium), reflecting stable weekend demand.
- Estimated Implied Listing Range: ₹340 to ₹344 per share.
Statutory Caution on GMP: Grey market premiums are unofficial, unregulated dealer quotes based on speculative secondary sentiment. Investors must never rely on GMP figures as a guarantee of listing profits; investment decisions should strictly stem from corporate balance sheet health and valuations.
Apply for Orient Cables IPO on Day 2 via Upstox
Submit your 1-click UPI ASBA application for the Orient Cables IPO before Tuesday's closing cut-off on Upstox. Benefit from ₹0 account opening charges, ₹0 delivery brokerage, and instant mandate processing.
3. Corporate Scale: ₹1,170 Crore Revenue & 5G Infrastructure Moat
Orient Cables ranks among India's top 4 specialized players in structured cabling and data communication hardware. Unlike generic house-wiring manufacturers, Orient focuses heavily on high-speed enterprise telecommunications:
- Product Ecosystem:
- Structured Copper Cabling: Cat5e, Cat6, Cat6A, and Cat7 high-speed LAN cables for enterprise IT hubs and server data centers.
- Optical Fiber Cables (OFC): Micro-sheath, armored, and ribbon optical cables supporting high-bandwidth 5G telecom towers and broadband backbones.
- Passive Networking Hardware: Server patch panels, keystone jacks, fiber patch cords, and telecommunication racks.
- Manufacturing Facilities: Two operational facilities in Bhiwadi (Rajasthan), complemented by a specialized manufacturing unit in Bengaluru (Karnataka), providing direct distribution access to India's major IT corridors.
4. Financial Trajectory: Rapid Top-Line Growth vs. Raw Material Headwinds
Orient Cables' restated consolidated financials highlight strong revenue expansion alongside margin discipline:
| Financial Parameter (₹ Crore) | FY24 (Restated) | FY25 (Restated) | FY26 (Restated) | Growth Dynamics & Margin Notes |
|---|---|---|---|---|
| Revenue from Operations | ₹657.77 | ₹824.96 | ₹1,171.65 | Surged 78.1% over two fiscal years driven by 5G rollouts |
| Operating EBITDA | ₹58.82 | ₹83.86 | ₹96.40 | Healthy absolute operating cash generation |
| EBITDA Margin (%) | 8.94% | 10.16% | 8.23% | Moderated in FY26 due to surging copper/aluminum prices |
| Profit After Tax (PAT) | ₹40.07 | ₹53.32 | ₹53.81 | Net profit remained flat in FY26 due to input cost inflation |
| PAT Margin (%) | 6.09% | 6.46% | 4.59% | Reflects raw material pass-through lags |
Investment Takeaway on Financials: While top-line growth is stellar (crossing ₹1,170 Crore in FY26), prospective investors should note that net profit remained flat at ~₹53.8 Crore. Copper and aluminum represent the company's single largest operational input costs. Global metal price volatility can exert short-term pressure on operating margins until product price revisions are fully absorbed by enterprise customers.
5. Next-Step Explainer: Actionable Guide for Day 2 & Day 3 Bidders
Because the retail and NII portions are already oversubscribed, investors planning to participate on Monday (Day 2) or Tuesday (Day 3) must execute their bids with strict regulatory discipline:
- Always Bid at the Cut-Off Price (₹272): In an oversubscribed book, any retail bid entered below the ceiling price of ₹272 will be automatically rejected during the allocation process. Check the "Cut-Off Price" box in your broker interface.
- One Application per Unique PAN Card: SEBI's computerized allotment lottery allocates a single minimum lot (55 shares) per successful unique PAN. Submitting multiple applications under the same PAN will lead to automated disqualification. Families should apply from individual adult Demat accounts to maximize allotment probability.
- Approve UPI Mandate Before 5:00 PM on Tuesday: Submitting your bid on your broker app is only Step 1. You must open your UPI application (Google Pay, PhonePe, BHIM, or Paytm) and approve the ASBA lien block before 5:00 PM on Tuesday, September 29, 2026.
6. Application Lot Brackets & Capital Commitment
| Investor Bidding Category | Minimum Lots | Minimum Shares | Minimum Outlay (₹) | Maximum Lots | Maximum Outlay (₹) |
|---|---|---|---|---|---|
| Retail Individual (RII) | 1 Lot | 55 | ₹14,960 | 13 Lots | ₹1,94,480 |
| Small NII (sNII: ₹2L to ₹10L) | 14 Lots | 770 | ₹2,09,440 | 66 Lots | ₹9,87,360 |
| Big NII (bNII: Above ₹10L) | 67 Lots | 3,685 | ₹10,02,320 | Proportionate | Max Issue Cap |
7. Issue Timetable & Key Settlement Milestones
| Milestone / Activity | Calendar Date | Operational Action Required |
|---|---|---|
| Day 2 Bidding Resumes | Monday, 28 September 2026 | Bidding portals open at 10:00 AM IST; track midday demand |
| Day 3 Final Closing Day | Tuesday, 29 September 2026 | Final QIB bidding surge; UPI mandate cutoff strictly at 5:00 PM IST |
| Basis of Allotment Finalized | Wednesday, 30 September 2026 | Registrar KFintech finalizes allotment ratio with stock exchanges |
| Refunds & UPI Mandate Unblock | Thursday, 01 October 2026 | Bank ASBA blocks released for unallotted retail applicants |
| Credit of Shares to Demat Accounts | Thursday, 01 October 2026 | Shares credited to NSDL and CDSL depository accounts |
| Stock Exchange Listing Date | Monday, 05 October 2026 | Trading commences at 10:00 AM on BSE and NSE |
Frequently Asked Questions (Institutional FAQ Desk)
Statutory Regulatory Disclosures & Editorial Standards
Source Attribution: Information published on Digital Arthalaya is curated from publicly filed Draft Red Herring Prospectuses (DRHP), Red Herring Prospectuses (RHP), Price Band Advertisements, and Official Stock Exchange (BSE/NSE) notifications.
Non-Advisory Mandate & Risk Warning: Digital Arthalaya is strictly an independent financial education portal and is not a SEBI-registered investment advisor or stock broker. IPO bidding and equity trading involve market risk, including potential loss of principal. Readers must conduct their own independent due diligence and read all offer documents carefully before making investment commitments.