Orient Technologies IPO booked over 6 times on day 1: Check allotment and listing date

Orient Technologies Limited IPO witnessed strong demand on Wednesday, August 21, the first day of subscription. The mainboard public offer was booked more than six times, driven by high demand from retail investors.

The initial public offer of Orient Technologies Limited received bids for more than 4.94 crore shares against nearly 74.5 lakh shares on offer. The issue was subscribed 6.64 times at the close of bidding at 5 pm. on day 1, the NSE data showed.

The retail category was subscribed 10.49 times with bids for nearly 3.95 crore shares against 37.63 lakh shares on offer for the segment. The non-institutional investors (NIIs) applied for 99.55 lakh shares against 16.13 lakh shares set aside for the category, booking the portion 6.17 times.

The Qualified Institutional Buyers’ (QIBs) category saw a tepid response with applications for only 31,968 shares compared to 20.72 lakh shares set aside for the segment.

Orient Technologies IPO offer size, price band and lot size

Orient Technologies IPO is a book-building issue worth ₹214.76 crore. The BSE SME issue comprises a fresh issue of 58 lakh shares, aggregating to ₹120 crore, and an offer-for-sale (OFS) of 46 lakh shares worth₹94.76 crore.

The IPO price band has been fixed at ₹195 to ₹206 per share.

Retail individual investors can place bids for a minimum single lot size of 72 shares, which aggregates to an investment of ₹14,832.

Orient Technologies IPO allotment status and listing date

Orient Technologies IPO opened for subscription on August 21. The bidding process will end on August 23. Orient Technologies IPO share allotment status is likely to be finalised by Monday, August 26. Refunds will be initiated for unsuccessful bidders on Tuesday, August 27, and shares will be credited into the Demat accounts of successful bidders the same day.

Orient Technologies shares will be listed on the NSE and BSE. The tentative IPO listing date has been fixed as August 28.

Orient Technologies IPO: Objective

Orient Technologies plans to use the money raised from the public issue to acquire office premises in Navi Mumbai. The proceeds will also be used to purchase equipment for setting up a Network Operating Centre (NOC) and a Security Operation Centre (SOC) in Navi Mumbai. Additionally, a portion of the fund will be used to buy equipment and devices to offer Devise-as-a-Service (DaaS) solutions.

About Orient Technologies Limited

Orient Technologies Limited, incorporated in July 1997, is an information technology (IT) solutions provider headquartered in Mumbai, Maharashtra. The company offers IT Infrastructure, IT-enabled services (ITeS), Multi-Vendor Support Services, IT Facility Management, and other related services.