Orient technologies' ₹215 crore IPO to open August 21, price band set at ₹195-₹206

Information technology solutions provider Orient Technologies Limited on Friday said it has fixed a price band of ₹195-₹206 a share for its ₹215 crore initial public offering.

The initial share sale will open for public subscription on August 21 and conclude on August 23, the company announced.

The initial public offering (IPO) is a combination of a fresh issue of ₹120 crore and an offer for sale of up to 46 lakh equity shares valued at ₹95 crore, at the upper end of the price band, by promoters. This aggregates the transaction size to ₹215 crore.

Those offloading shares in the OFS are Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

Proceeds from the fresh issue to the tune of ₹79.65 crore will be used for funding capital expenditure requirements, ₹10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes.

Investors can bid for a minimum of 72 equity shares and in multiples thereof.

Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.

Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.

It has clients such as Coal India, Mazagon Dock, D'Dcor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls. The company primarily operates in India and has sales and services offices in cities across the country, including Navi Mumbai, Pune, Ahmedabad, New Delhi, Bengaluru, and Chennai.

Additionally, it has a branch office in Singapore.

As of June 30, 2024, Orient Technologies' order book stood at ₹101.20 crore.

Orient Technologies' revenue from operations during the fiscal year 2024 increased to ₹602.89 crore from ₹535.10 crore in the previous year and profit after tax rose to ₹41.45 crore in fiscal 2024 from ₹38.30 crore in fiscal 2023.

Elara Capital (India) Pvt Ltd is the sole book-running lead manager for the IPO. The equity shares are proposed to be listed on the BSE and NSE.