Shares of Orient Cables (India) Ltd got listed with a premium of nearly 65 per cent against the issue price of Rs 272 on Monday.

The company's stock started trading at Rs 448.10, rising sharply by 64.74 per cent from the issue price on the BSE.

At the NSE, it listed at Rs 450, a premium of 65.44 per cent.

The company's market valuation was Rs 4,589.54 crore.

The initial share sale of Orient Cables India received 92.27 times subscription on the last day of bidding on Tuesday.

The Rs 552-crore IPO had a price band of Rs 258-272 per share.

The IPO had a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of shares aggregating up to Rs 232 crore.

Proceeds from the fresh issue will be used for capital expenditure towards the purchase of machinery, equipment and civil works at its manufacturing facilities, besides repayment or partial prepayment of certain borrowings.

A portion of the IPO funds will also be used for general corporate purposes.

Orient Cables specialises in networking cables and passive networking equipment and caters to industries including broadband, telecom, data centres, renewable energy and smart building automation.

Its product portfolio is divided into three broad segments -- networking cables and solutions, speciality power and optical fibre cables and solutions and other allied products.