Indian Cable Giant Orient Cables IPO Sets Markets on Fire: 5x Subscribed, Zambians Take Note

The Orient Cables initial public offering (IPO) from India is turning heads across global markets, and for good reason. On the second day of bidding, this Gurugram-based company saw its issue subscribed nearly five times over, a clear signal that serious money is chasing this deal. As of 12:25 pm on September 28, the Rs 552-crore IPO had received 7,12,47,770 shares against the 1,49,76,743 shares on offer, according to NSE data.

This is not just another foreign stock story. For Zambian investors and business watchers, this IPO shows how a focused manufacturing company can capture the imagination of the market. The non-institutional investor (NII) portion was subscribed 9.12 times, while retail investors piled in at 5.59 times subscription. That is the kind of demand that tells you people believe in the product.

What is driving the grey market premium on Orient Cables?

In the grey market, Orient Cables shares are commanding a premium of around Rs 90 over the upper end of the IPO price band. That translates to a premium of roughly 33 percent over the upper price of Rs 272, according to market-tracking platform InvestorGain. Now, we must be clear: the grey market premium (GMP) is an unofficial indicator. It is based on speculative activity and can change before listing. It does not guarantee the actual listing price, so do not bet the farm on it.

How is the Orient Cables IPO structured?

The Orient Cables IPO is a book-built issue priced in the range of Rs 258 to Rs 272 per share. The public issue is a mix of a fresh issue of equity shares worth Rs 320 crore and an offer-for-sale (OFS) of shares worth up to Rs 232 crore by the promoter Nagpal family. The issue remains open until September 29.

Before the IPO even opened, the company had already raised Rs 165.6 crore from anchor investors. It allotted 60.88 lakh shares at Rs 272 apiece, the top end of the price band. A big chunk of that anchor allocation went to domestic mutual funds, including Nippon Life India, ICICI Prudential AMC, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Invesco, Bandhan Mutual Fund, Sundaram Mutual Fund and Edelweiss. These are heavyweight institutions, and their participation is a vote of confidence.

What will Orient Cables do with the IPO money?

The company has a clear plan for the fresh issue proceeds. Out of the Rs 320 crore raised, Rs 91.5 crore will go towards purchasing machinery and equipment and carrying out civil works at its manufacturing facilities. Another Rs 155.5 crore is earmarked for repayment of debt, and the balance will be used for general corporate purposes. As of June 2026, Orient Cables had total outstanding borrowings of Rs 258.4 crore, including Rs 240.4 crore under secured fund-based facilities. Paying down that debt is a smart move.

What does Orient Cables actually make?

Orient Cables manufactures networking cables and passive networking equipment, along with specialty power and optical fibre cables and wire and cable harness assemblies. Its products serve the broadband, telecom, data centres, renewable energy and smart building automation sectors. This is the kind of infrastructure backbone that developing nations like Zambia desperately need to build. While we push for local manufacturing and control of our own resources, watching how a focused player like Orient Cables scales up is instructive.

IPO details every investor should know

The minimum lot size is 55 shares, which requires an investment of Rs 14,960 at the upper end of the price band. The shares are scheduled to list on the BSE and NSE on October 5. IIFL Capital Services and JM Financial are the merchant bankers managing the IPO.

For Zambians watching global markets, the lesson here is simple: when a company has a solid product, clear use of funds and institutional backing, the market responds. We have our own opportunities at home, and we must ensure our capital markets work for Zambians first. But we can also learn from how other nations structure their public offerings to attract both local and foreign investment without selling the farm.

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