- By Aditya Pratap Singh
- Wed, 28 Aug 2024 10:55 AM (IST)
- Source:JND
Orient Tech Share Price: Orient Technologies' stock made a blockbuster debut on the stock exchange on Wednesday, trading at a 40% premium. Orient Technologies shares opened at Rs 288 per share on the NSE, up 39.80% from the issue price of Rs 206. On BSE, the stock opened at Rs 290 on the BSE today, up 40.78% from the issue price.
Earlier, experts were anticipating that Orient Technologies' IPO would open with a premium of around 38%-40% based on the demand.
Orient Technologies' IPO was open for subscription from Wednesday, August 21 to Friday, August 23. The subscription status of Orient Technologies' IPO was 151.71 times on the last day of bidding.
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Received stellar bidding
The first two days of Orient Technologies' IPO saw a strong response from retail and non-institutional investors (NIIs). Retail investors subscribed 66.87 times while non-institutional investors subscribed 300.60 times. The share reserved for Qualified Institutional Buyers (QIBs) received 189.90 times subscription.
The company had raised Rs 64.43 crore from anchor investors just a day before the initial public offering opened. The price band was set at Rs 195 to Rs 206 per equity share, with a face value of Rs 10.
What does Orient Technologies do?
The company has extensive experience in developing products and solutions for specialized areas of cloud and data management services, IT infrastructure, and IT-enabled services (IteS).
The public and commercial sectors served by Orient Technologies include banking, financial services, insurance (BFSI), information technology (IT) and ITES, healthcare, and pharmaceuticals.
The Rs 214.76-crore Orient Technologies IPO has a fresh issue of Rs 120 crore, and an offer-for-sale (OFS) of 4.6 million equity shares by the promoters. Ajay Baliram Sawant, Umesh Navneetlal Shah, Ujwal Arvind Mhatre, and Jaysh Manharlal Shah are looking to sell the OFS shares.