JD Cables’ Rs 96-cr public issue opens on Thursday

New Delhi: JD Cables, a manufacturer of cables and conductors, on Monday said it has fixed a price band of Rs 144-152 per share for the Rs 95.99 crore initial share sale which will open for public subscription on September 18.

The initial public offering (IPO) will conclude on September 22. The bidding for the anchor portion will be open for a day on Wednesday, JD Cables said in a statement. The IPO is a mix of fresh issue of a little over 55.53 lakh equity shares and an offer for sale of 7.61 lakh shares by promoter Piyush Garodia, according to the red herring prospectus.

Net proceeds from the fresh issue will be used for funding working capital requirements of the company, repayment of debt and general corporate purposes. Incorporated in 2015, West Bengal-based JD Cables is in the manufacturing of high-quality cables and conductors that cater to the power transmission and distribution sector.

Its product portfolio includes power cables, control cables, aerial bunched cables, single-core service wires, and a wide range of conductors such as all aluminium conductor, all aluminium alloy conductor, and aluminium conductor steel reinforced.

These products are extensively used for efficient and reliable transmission and distribution of electricity. The company had an order book worth Rs 294.09 crore as of August 5.