Orient Technologies IPO Day 2: Issue subscribed over 10 times so far, retail investors lead; check details

2 min read | Updated on August 22, 2024, 11:18 IST

SUMMARY

Orient Technologies IPO is a mix of a fresh issuance of ₹120 crore and an offer-for-sale (OFS) of shares valued at ₹95 crore. Under the OFS, Umesh Navnitlal Shah, Ajay Baliram Sawant, Jayesh Manharlal Shah, and Ujwal Arvind Mhatre are offloading company shares.

Orient Technologies is an IT solutions provider.

Orient Technologies IPO was subscribed 10.13 times so far on the second day of subscription on Thursday.

According to the consolidated data on the National Stock Exchange (NSE), the initial share sale received bids for 7.5 crore shares against 74.49 lakh shares on offer.

The portion for retail investors attracted 15.74 times the subscription, while the non-institutional investors (NIIs) portion fetched 10 times the subscription. The quota reserved for qualified institutional buyers (QIBs) received a mere 5% subscription.

Prior to the initial public offering (IPO), Orient Technologies raised ₹64.4 crore from anchor investors, including Saint Capital Fund, Rajasthan Global Services, SB Opportunities Fund, Pine Oak Global Fund and Elara Capital (Mauritius).

In Pics: 5 key things about Orient Tech IPO

The ₹214.76 crore initial public offering (IPO) is a mix of a fresh issuance of ₹120 crore and an offer-for-sale (OFS) of shares valued at ₹95 crore.

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

The price range for the offer is ₹195-₹206 a share.

The public issue, which opened on August 21, will conclude on August 23.

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

About Orient Technologies

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

Orient Technologies has a diverse clientele that spans both the public and private sectors, including industries such as Banking, Financial Services, Insurance (BFSI), Information Technology (IT) and ITeS, healthcare, and pharmaceuticals.

It has clients such as D'Dcor, Coal India, Mazagon Dock, Jyothy Labs, ACG, Bluechip, Tradebulls and Integreon.

As of June 30, 2024, Orient Technologies' order book stood at ₹101.2 crore.

During fiscal year 2024, revenue from operations increased to ₹602.89 crore from ₹535.10 crore in the previous year, and profit after tax rose to ₹41.45 crore from ₹38.30 crore.

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

With PTI inputs

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About The Author

Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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Orient Technologies IPO Day 2: Issue subscribed over 10 times so far, retail investors lead; check details

About Orient Technologies

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