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- By Aditya Pratap Singh
- Thu, 22 Aug 2024 06:57 PM (IST)
- Source:JND
Orient Technologies' initial public offering (IPO) was subscribed 16.95 times on its second day of subscription. The NSE reported that bids were received for 12,62,82,744 shares in the initial share sale valued at Rs 215 crore, compared to 74,49,846 shares on offer.
The retail individual investors' (RIIs) share was subscribed 24.48 times, while the non-institutional investors' share was subscribed 20.97 times. The qualified institutional buyers (QIBs) quota received 16% of subscriptions.
Orient Technologies, an information technology solutions provider, stated on Tuesday that it had raised Rs 64.42 crore from anchor investors.
The initial public offering (IPO) is a combination of a fresh issue of Rs 120 crore and an offer-for-sale of up to 4.6 million equity shares valued at Rs 95 crore at the upper end of the price band by promoters. This brings the transaction size to a total of Rs 215 crore.
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Ajay Baliram Sawant, Umesh Navneetlal Shah, Ujwal Arvind Mahtre, and Jaish Manharlal Shah are offloading shares in the company under the OFS. The offer price range is Rs 195-206 per share. The public issue will conclude on Friday.
The proceeds from the fresh issue of Rs 79.65 crore will be used to fund capital expenditure requirements, Rs 10.35 crore will be utilized for the acquisition of office premises in Navi Mumbai, and a portion of it will also be used for general corporate purposes.
Over the years, the company has developed deep expertise in creating products and solutions for specialized disciplines in IT infrastructure, IT-enabled services (IteS), and cloud and data management services.
Orient Technologies has a diversified clientele in both the public and private sectors, including industries such as banking, financial services, insurance (BFSI), information technology (IT) and ITES, healthcare, and pharmaceuticals.
Orient Technologies had an order book of Rs 101.20 crore as of June 30, In FY2024, operating revenue increased to Rs 602.89 crore from Rs 535.10 crore in the previous year, and profit after tax increased to Rs 41.45 crore from Rs 38.30 crore.
Orient Tech IPO GMP
The shares of Orient Technologies are trading with a Rs 70 premium in the grey market (Thursday Evening). If the grey market premium holds then investors would get a 33% listing gain. The Price band of the IPO is Rs 206 per share and the stock is trading at Rs 276/share in the grey market.
