Prime Cable Industries IPO Subscribed 0.49x on Day 2 with 15.8 Lakh Shares Bids

Mumbai, 23 September 2025: The initial public offering (IPO) of Prime Cable Industries Limited, which opened on 22 September 2025, has recorded a subdued response on its second day. As of 12:39 PM, the issue was subscribed 0.49 times, with total bids for 15.8 lakh shares against the 32.06 lakh shares available for subscription.

Retail Individual Investors Drive 0.50x Subscription with 8.06 Lakh Shares

Retail participation remained moderate, with individual investors bidding for 8.06 lakh shares, translating to 0.50 times subscription. The category saw 252 applications, including both high-net-worth and smaller investors, showing a modest interest in the IPO at the upper price band of ₹83. The retail segment’s bidding trend indicates measured participation ahead of the final day of subscription on 24 September 2025.

Qualified Institutional Buyers Show 0.52x Subscription, Anchors Fully Subscribed

Among Qualified Institutional Buyers (QIBs) excluding anchor investors, subscription stood at 0.52 times, with 4.8 lakh shares bid against 9.15 lakh shares offered. Anchor investors, meanwhile, fully subscribed their allocation of 13.72 lakh shares, raising ₹11.39 crore. The limited institutional bidding beyond anchors highlights a cautious approach by large investors at this stage.

Non-Institutional Investors Register 0.43x Subscription, High-Value Bids Lead the Segment

Non-institutional investors (NIIs) recorded 0.43 times subscription, with 2.94 lakh shares bid against 6.88 lakh shares available. Within this, bids above ₹10 lakh reached 0.47 times for 2.17 lakh shares, while smaller bids below ₹10 lakh contributed 0.34 times for 76,800 shares. The distribution suggests a concentration of participation from a few high-value applicants.

IPO Financials Highlight FY25 Growth and Strengthened Operations

Prime Cable Industries, headquartered in Delhi and Rajasthan, manufactures low-voltage control cables, power cables, instrumentation cables, aerial bunch cables, and housing wires under brands PRIMECAB and RENUFO. The company’s revenue from operations surged 70% year-on-year (YoY) to ₹14,097.72 lakh in FY25, while net profit jumped 319% YoY to ₹750.45 lakh, compared with ₹179.10 lakh in FY24. Earnings per share (EPS) increased from ₹1.30 in FY24 to ₹5.52 in FY25, reflecting stronger operational efficiency and higher order inflows. The company maintains robust ISO and Bureau of Indian Standards (BIS) certifications across its facilities, supporting quality compliance for government and institutional clients.

Key Operational Strengths and Potential Risks

Prime Cable Industries leverages an established government and institutional client base, alongside a recognised product portfolio under PRIMECAB and RENUFO brands. However, the company faces potential challenges, including 74.5% revenue dependency on government contracts, an elevated debt-equity ratio of 2.63, capital-intensive operations, and geographical concentration in select states. Additionally, fluctuations in raw material prices, notably copper, aluminium, and PVC, could affect operational margins.

With Prime Cable Industries IPO closing tomorrow, 24 September 2025, the final subscription figures across retail, institutional, and non-institutional categories will determine the overall uptake. Monitoring day-three bidding patterns may provide clarity on the remaining allocation and participation trends across investor segments.

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