Orient Cables Soars, AceVector Dips in Indian IPOs

Indian stock markets saw mixed results for new listings on Monday, with Orient Cables Ltd. shares surging over 65% on debut, while AceVector dropped 11% and Runwal Enterprises Ltd. barely moved. Orient Cables opened at Rs 450, up from its issue price of Rs 272, reflecting strong investor demand. AceVector traded at Rs 28.32, down from Rs 32, while Runwal Enterprises listed at Rs 305 before slipping 2.57% to Rs 297.15. German Green Steel and Power debuted at Rs 142, a 2.14% premium over its Rs 139 issue price.

Orient Cables’ Rs 552 crore IPO attracted significant interest, receiving bids 61.86 times the shares offered by the subscription period’s close.

Qualified Institutional Buyers (QIBs) accounted for 115.71 times subscription, with Non-Institutional Investors (NIIs) at 91.21 times and Retail Investors (RIIs) at 15.52 times. The issue comprised a fresh issue of 1.18 crore shares worth Rs 320 crore and an offer for sale of 85.29 lakh shares valued at Rs 232 crore. The price band was set between Rs 258 and Rs 272 per share, with a lot size of 55 shares requiring a minimum retail investment of Rs 14,960 at the upper band. IIFL Capital Services Ltd. acted as the book-running lead manager, with Kfin Technologies Ltd. as the registrar.

AceVector’s Rs 420 crore IPO saw more modest subscription, closing at 3.4 times the shares offered. QIBs contributed 1.99 times, NIIs at 6.15 times, and RIIs at 3.36 times.

IIFL Capital Services Ltd. and MUFG Intime India Pvt. Ltd. managed the offering.

Runwal Enterprises’ Rs 499.83 crore IPO was subscribed 1.28 times overall. QIBs contributed 1.06 times, NIIs 2.65 times, and RIIs 0.82 times.

The issue was entirely a fresh issue of 1.64 crore shares at a price band of Rs 290 to Rs 305, with a lot size of 49 shares and a minimum retail investment of Rs 14,945. ICICI Securities Ltd. served as the book-running lead manager, with MUFG Intime India Pvt. Ltd. as registrar.

German Green Steel and Power’s Rs 303.90 crore IPO was subscribed 23.21 times, driven by strong QIB interest at 16.1 times, NIIs at 47.2 times, and RIIs at 16.97 times.

The issue involved a fresh issue of 2.09 crore shares worth Rs 290 crore and an offer for sale of 10 lakh shares at Rs 13.90 crore, with a price band of Rs 132 to Rs 139 and a lot size of 107 shares.