JD Cables IPO: Fresh Issue and Promoter Offer for Sale to Drive Expansion and Debt Reduction
By Shishta Dutta | Updated at: Jan 13, 2026 02:44 PM IST
Mumbai, 1 July 2025: JD Cables Limited has submitted its Draft Red Herring Prospectus (DRHP) to the BSE for an initial public offering of up to 65,00,000 equity shares. The issue comprises a fresh offering of 57,00,000 shares by the company and an offer for sale (OFS) of 8,00,000 shares by promoter Piyush Garodia. The IPO is expected to raise ₹[●] crore and will be listed on the SME platform of BSE.
Balanced IPO Structure Targets Growth While Enabling Promoter Exit
The IPO follows the 100% book-built route under Regulation 229(2) and 253(1) of SEBI’s ICDR guidelines. With a face value of ₹10 per share, the issue will support business expansion through fresh capital while allowing partial promoter divestment.
| Component | Equity Shares | Purpose |
|---|---|---|
| Fresh Issue | Up to 57,00,000 | Funding working capital, debt repayment, general corporate purposes |
| Offer for Sale | Up to 8,00,000 | Promoter divestment |
| Total Offer | Up to 65,00,000 | Aggregate issue |
IPO Proceeds Aimed at Strengthening Liquidity and Reducing Borrowings
The company has outlined a clear utilisation plan for the proceeds from the fresh issue. A significant portion will be directed toward working capital and repayment or prepayment of existing borrowings.
| Objective | Amount (₹ in Lakhs) |
|---|---|
| Working capital requirements | Up to 4,500 |
| Repayment/prepayment of borrowings | Up to 2,600 |
| General corporate purposes | To be finalised |
GYR Capital Advisors Private Limited has been appointed as the Book Running Lead Manager, and MUFG Intime India Private Limited will act as the registrar to the issue.
Widening Cable Portfolio and Regional Reach Strengthen Business Base
JD Cables Limited, incorporated in 2015 and based in Salt Lake, Kolkata, manufactures a broad range of cables and conductors used in the power transmission and distribution sector. The product line includes:
- Power Cables
- Control Cables
- Aerial Bunched (AB) Cables
- All Aluminium Conductors (AAC)
- Aluminium Alloy Conductors (AAAC)
- Aluminium Conductor Steel Reinforced (ACSR)
The company supplies products to state electricity boards across Assam, Odisha, Jharkhand, Bihar, Tripura, Chhattisgarh, and West Bengal. It operates two manufacturing units in West Bengal and complies with ISO 9001:2015 and BIS quality standards.
Sharp Rise in Revenue and Net Worth Reflects Business Momentum
JD Cables has demonstrated strong financial growth, with revenue from operations rising from ₹4,085.54 lakh in FY23 to ₹16,926.78 lakh in the nine months ended December 2024. Net profit also rose to ₹1,389.60 lakh for the 9M FY25 period.
| Financial Year/Period | Revenue from Operations (₹ Lakh) | Net Profit (₹ Lakh) | Net Worth (₹ Lakh) |
|---|---|---|---|
| 9M FY25 (Dec 2024) | 16,926.78 | 1,389.60 | 2,172.55 |
| FY24 | 10,083.33 | 457.98 | 782.95 |
| FY23 | 4,085.54 | 31.96 | 118.16 |
| FY22 | 5,459.48 | 43.83 | 86.20 |
The company’s EBITDA margin stood at 12.56% for 9M FY25, further indicating operating strength. Net worth has grown significantly, from ₹86.20 lakh in FY22 to ₹2,172.55 lakh by the end of December 2024
High Promoter Holding Pre-Issue to Undergo Strategic Dilution
Prior to the IPO, promoter Piyush Garodia held 97.16% of JD Cables. The total promoter group, including Alka Garodia, holds 97.35%. Following the IPO, promoter shareholding will be diluted in line with regulatory norms.
- Promoter’s Average Share Acquisition Cost: ₹1.26 per share
- All shares held by promoters are fully paid-up and meet SEBI’s lock-in rules
Exact post-issue shareholding will be disclosed after final allotment
BSE SME Listing to Be Supported by Mandatory Market Making
The equity shares will be listed on the SME platform of BSE. JD Cables has received in-principle approval and will appoint a SEBI-compliant market maker for a mandatory three-year term, as per Regulation 261 of SEBI ICDR guidelines.
Fund Deployment to Be Closely Monitored by Independent Agency
Since the fresh issue exceeds ₹50 crore, a SEBI-registered monitoring agency will supervise the utilisation of funds. The company has confirmed that there are no pending legal matters or contingent liabilities that could adversely impact the offering.
A Growing Power Cable Manufacturer with Expanding National Presence
JD Cables Limited is a public limited company engaged in the manufacturing of electrical transmission and distribution cables, catering to India’s growing power infrastructure needs. Promoted by Piyush Garodia, the company holds key certifications and is registered with several state utilities. It recently transitioned from a private to a public limited structure, positioning itself for the next phase of expansion.
Disclaimer: The price band, offer dates, and valuations will be finalised in consultation with the Book Running Lead Manager and will be published in the RHP and advertisement prior to the opening of the issue.
REF: https://www.bsesme.com/download/368954/SME_IPO InPrinciple/DRHP_JD_Cables_Limited_20250630194038.pdf
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