Prime Cable Industries IPO commenced on Monday, September 22 and will conclude on Wednesday, September 24. Prime Cable Industries IPO price band has been set at ₹78 to ₹83 equity share, each with a face value of ₹5. Investors can place bids for a minimum of 1,600 equity shares and in multiples of 1,600 shares thereafter.
Prime Cable Industries Limited is a cable manufacturing company based in India, recognized for producing an extensive variety of wires and cables, such as LT PVC/XLPE Power, Control, and Aerial Bunched Cables, marketed under the brand names “PRIMECAB” and “RENUFO.” Founded in 1997 as a sole proprietorship, the company has expanded to cater to multiple sectors, including power generation, transmission and distribution, oil and gas, and others. They emphasize manufacturing ISI-marked, quality-certified products.
The company produces and supplies a wide assortment of cables, encompassing control, power, aerial bunched, and communication cables.
They cater to several industries, including power, oil and gas, mining, steel, and real estate. The company’s offerings consist of ISI-marked cables and wires that meet quality standards set by the Indian Standards Institute.
As per the red herring prospectus (RHP), the company’s listed peers are V- Marc India Ltd (with a P/E of 29.97), Dynamic Cables Ltd (with a P/E of 31.11), and Ultracab (India) Ltd (with a P/E of 9.73).
Prime Cable Industries IPO subscription status
Prime Cable Industries IPO subscription status is 4.44 times on day 3 so far, as per chittorgarh.com. The retail portion was subscribed 3.58x, and NII portion was booked 5.16 times. The qualified institutional buyers portion has received 5.38 times bids.
The company has received bids for 1,42,22,400 shares against 32,06,400 shares on offer on the third bidding day, at 14:34 IST, according to data on chittorgarh.com.
Prime Cable Industries IPO details
Prime Cable Industries IPO consists of fresh issuance of 42 lakh shares, totaling ₹35.02 crore, alongside an offer-for-sale of 6 lakh shares valued at ₹4.99 crore. The net funds acquired from the fresh issuance will be allocated to finance capital investments of ₹14.5 crore for civil construction and machinery, repay ₹4.5 crore in term loans, and address working capital requirements of approximately ₹8 crore.
The remaining funds will be directed toward general corporate purposes. Indorient Financial Services Ltd. serves as the book running lead manager, while Skyline Financial Services Pvt. Ltd. acts as the registrar for this issue. Alacrity Securities Ltd. is designated as the market maker for the company.
Prime Cable Industries IPO GMP today
Prime Cable Industries IPO GMP is ₹3. This indicates Prime Cable Industries share price were trading at a premium of ₹3 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Prime Cable Industries share price was indicated at ₹86 apiece, which is 3.61% higher than the IPO price of ₹83.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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