Orient Cables IPO price band set at ₹258 to ₹272 per share; check lot size, objectives and key dates

Orient Cables (India) Ltd will launch its ₹552 crore initial public offering on September 25. The issue, which will conclude on September 29, has set a price band of ₹258 to ₹272 per share. The bidding for anchor investors will take place on September 24.

The initial share sale is a mix of a fresh issue of equity shares worth up to ₹320 crore and an offer for sale (OFS) of shares aggregating up to ₹232 crore by promoters Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust.

The net proceeds will be used for funding capital expenditure needs for purchase of machinery, equipment and civil works at its manufacturing facilities, debt clearance and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the company said in its red herring prospectus.

Orient Cables IPO: Lot size

Retail investors can apply for at least 55 shares and in multiples thereafter. Of the net offer, half is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Orient Cables IPO: Listing date and time

Earlier, the company had filed draft papers with SEBI to raise ₹700 crore through IPO. The revised IPO size is lowered by ₹148 crore, with the entire reduction coming from the OFS component.

Orient Cables Ltd makes networking cables and passive networking equipment and serves industries including broadband, data centres, renewable energy, telecom and smart building automation.

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

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