When Sampat Aluminium Limited hit the books on September 17, 2025, the market took notice – the issue was already 9.6 times subscribed by Day 2, with retail investors leading the charge at a staggering 14.08 times. Meanwhile, across the BSE main board, JD Cables Limited opened its book‑built IPO on September 18, 2025, aiming to raise just under ₹96 crore. Both offerings signal a fresh wave of capital for India’s wiring and cable sector, a space that quietly powers everything from household lighting to telecom networks.
Why These IPOs Matter Right Now
The timing couldn’t be more interesting. India’s infrastructure push, bolstered by the government’s ₹7 trillion “National Infrastructure Pipeline,” has created a surge in demand for aluminium conductors and power cables. Rajesh Patel, Managing Director of Sampat Aluminium, told analysts that the new capital will fund a state‑of‑the‑art plant in Borisana, Mehsana – a region already buzzing with metal‑working activity.
On the flip side, Neha Singh, CEO of JD Cables, emphasized that the proceeds will be earmarked for expanding its footprint in the automotive and telecom sectors, where high‑frequency cable demand is rising sharply.
Key Facts at a Glance
- Sampat Aluminium IPO: 25.44 lakh shares, price band ₹114‑₹120, total raise ₹30.53 crore.
- Subscription (Day 2): 9.6 × overall, retail 14.08 ×, NII 10.35 ×.
- Listing: BSE SME on September 24, 2025.
- JD Cables IPO: 63.15 lakh shares, price band ₹144‑₹152, raise ₹95.99 crore.
- Closing date: September 22, 2025; Listing on main BSE on September 25, 2025.
Detailed Subscription Numbers
Day 1 saw Sampat Aluminium subscribed 3.28 × overall – a solid start, but Day 2’s surge to 9.6 × turned heads. The retail segment alone jumped from 3.17 × to 14.08 ×, reflecting a growing appetite among individual investors for exposure to the aluminium value chain. Non‑institutional investors (NII) also surged, hitting 10.35 ×, while qualified institutional buyers (QIB) stayed flat at 0.9 ×, suggesting that big money is still cautious, perhaps waiting to see how the grey market premium (GMP) settles.
Speaking at a virtual roadshow, Patel noted, “Our consistent order book and a clear growth plan for the Borisana plant make this a compelling proposition for both retail and institutional participants.” The GMP, hovering around 15 %, adds a speculative edge – investors anticipate a modest listing day bump.
Structure and Allocation
Sampat Aluminium’s allocation is heavily weighted toward the public. Anchor investors hold 27.88 % (7,09,200 shares), while retail investors get the biggest slice at 32.83 % (8,35,200 shares). The remaining shares are split between QIB (18.68 %) and NII (14.01 %). The anchor block was secured by Marwadi Chandarana Intermediaries, which also serves as the book‑running lead manager, together with Globalworth Securities as market maker and Cameo Corporate Services as registrar.
JD Cables, on the other hand, earmarked 2,111,200 shares for the public, capping retail exposure at 1,600 shares per investor – roughly ₹243,200 at the top of the price band. The company’s reach across 14 states and two Union Territories makes its growth story appealing to investors eyeing geographic diversification.
Financial Snapshot and Outlook
For FY25, Sampat Aluminium posted revenues of ₹133 crore, a modest 11 % dip from the prior year’s ₹149 crore, while PAT nudged up 5 % to ₹6.93 crore. At the upper price band, the post‑issue market cap would sit near ₹101.77 crore, translating to a P/E of roughly 10.1 × – a reasonable multiple for a manufacturing firm in a cyclical sector.
JD Cables, though still privately held, disclosed an FY25 turnover of ₹210 crore and a net profit of ₹12 crore, indicating robust margins in high‑value cable segments. Analysts from ICICI Securities project a 12‑15 % revenue CAGR for the next three years, driven by renewable‑energy grid upgrades.
Stakeholder Reactions
Retail investors are buzzing on forums like Moneycontrol, with many pointing out the low‑cost entry – the minimum lot for Sampat Aluminium costs ₹288,000 at the top of the band, while JD Cables requires just over ₹120,000. “It feels like a ‘real‑deal’ opportunity,” one user wrote, echoing a broader sentiment that medium‑size enterprises are finally opening doors to the public.
Institutional voices remain more guarded. A senior associate at Motilal Oswal Asset Management noted, “While the subscription levels are impressive, we’ll be monitoring the post‑listing price action and the companies’ ability to meet their expansion targets before scaling up our exposure.”
Potential Market Impact
If the GMP holds steady, both issues could set a benchmark for future SME and mid‑cap listings on the BSE. A successful debut might encourage more regional manufacturers – especially in Gujarat, a state already dubbed India’s “Factory of the Future” – to raise funds through public markets rather than private equity.
Moreover, the influx of fresh capital could tighten supply constraints in the aluminium wire market, potentially easing price pressure for downstream industries like power distribution and renewable‑energy projects.
What’s Next?
Sampat Aluminium’s allotment finalisation is slated for September 22, with refunds and share credit on September 23. Anchor investors face a staggered lock‑in – half will unlock on October 22, the remainder on December 21. JD Cables will wrap up its book‑building phase on September 22, with allotment on September 23 and a listing the following day.
Investors should keep an eye on the grey market premium, which often foreshadows listing day performance. A sustained 15 % premium could translate into a modest first‑day price rally, rewarding early entrants.
Background: The Rise of India’s Wiring Industry
India’s push for universal electricity access, combined with aggressive renewable‑energy targets (450 GW of solar and wind by 2030), has turned aluminium conductors into a strategic commodity. Gujarat, home to both Sampat Aluminium and JD Cables’s manufacturing hubs, benefits from robust logistics, a skilled labour pool, and state incentives for capital‑intensive projects.
Historically, many of these firms grew under the umbrella of family‑run businesses. The move to public markets marks a cultural shift, aligning with the government’s “Make in India” mantra and opening doors to greater transparency and governance standards.
Frequently Asked Questions
How does the Sampat Aluminium IPO affect retail investors?
Retail investors get a sizeable allocation – 32.83 % of the issue – and can apply for a minimum lot of 2,400 shares, costing about ₹288,000 at the top of the price band. With a 14.08 × subscription, demand is strong, which could translate into a post‑listing price bump, potentially delivering short‑term gains.
What are the key differences between the Sampat Aluminium and JD Cables IPOs?
Sampat Aluminium is listed on the BSE SME platform with a lower price band (₹114‑₹120) and a focus on aluminium wires and rods. JD Cables lists on the main BSE board, has a higher price band (₹144‑₹152), and serves a broader set of industries, including telecom and automotive. Their raise sizes differ too – ₹30.53 crore versus ₹95.99 crore.
When will the shares be listed and tradable?
Sampat Aluminium is set to list on the BSE SME platform on September 24, 2025. JD Cables will begin trading on the main BSE board on September 25, 2025, a day after its allotment finalisation.
What does the grey market premium indicate for these IPOs?
A 15 % GMP for Sampat Aluminium suggests investors are willing to pay a premium over the issue price, often a sign of expected listing gains. JD Cables’ GMP is still forming, but early indications point to a similar optimistic sentiment among traders.
How will the raised funds be used?
Sampat Aluminium will allocate about ₹23.32 crore to build a new manufacturing unit in Borisana, Mehsana, with the remainder covering working capital and general corporate purposes. JD Cables plans to expand capacity in high‑growth segments like automotive cables and to strengthen its distribution network across 14 states.