Orient Cables Makes Strong Market Debut, Shares List At Nearly 65% Premium Over IPO Price

New Delhi: Orient Cables (India) Ltd made a strong stock market debut on Monday, with its shares listing at a premium of nearly 65 percent over the IPO issue price of Rs 272.The stock opened at Rs 448.10 on the BSE, marking a gain of 64.74 percent over its issue price. On the NSE, the shares made an even stronger debut at Rs 450, reflecting a premium of 65.44 percent.Following the listing, the company's market valuation stood at Rs 4,589.54 crore.IPO Gets Strong Investor ResponseOrient Cables' Rs 552-crore initial public offering received strong demand from investors during the bidding period.The IPO was subscribed 92.27 times on the final day of bidding. The company had fixed a price band of Rs 258 to Rs 272 per share for the public issue.The IPO consisted of a fresh issue of shares worth up to Rs 320 crore and an offer-for-sale worth up to Rs 232 crore.Where Will The Money Be Used?Orient Cables plans to use proceeds from the fresh issue mainly to strengthen its manufacturing operations. German Green Steel Makes A Steady Market Entry, Rs 304 Crore IPO Delivers 3.23% BSE Listing GainPart of the funds will be spent on buying machinery and equipment and carrying out civil works at the company's manufacturing facilities.The company will also use a portion of the proceeds to repay or partially prepay some of its existing borrowings. The remaining funds will be used for general corporate purposes.What Does Orient Cables Do?Orient Cables specialises in networking cables and passive networking equipment. Its products cater to several fast-growing industries, including broadband, telecom, data centres, renewable energy and smart building automation. Paramount Syntex IPO Fully Subscribed On Day 2; QIB Portion Booked 119.29 TimesThe company's product portfolio is broadly divided into three segments.These include networking cables and solutions, speciality power and optical fibre cables and solutions, and other allied products.The strong listing comes after heavy investor demand for the IPO and gives shareholders a sizeable gain over the issue price on the first day of trading.