Orient Technologies IPO Day 3: Issue subscribed over 37 times so far, NIIs lead; check allotment date & more

Orient Technologies IPO (Initial public offering) has received a robust response from investors, with the issue being subscribed 37.56 times so far on the final day of bidding on Friday, August 23.

Investors have bid for 27.98 crore shares as against 74,49,846 shares on offer so far on day 3. The bidding was led by non-institutional investors, who subscribed 81.76 times the portion reserved for them.

Retail investors bid for 39.13 times the allotted quota. The qualified institutional buyers' category was booked 32%.

The company has already mobilised ₹64.42 crore from anchor investors prior to the IPO.

The ₹214.7 crore initial share sale consists of a fresh issue of ₹120 crore and an offer-for-sale of shares valued at ₹95 crore. Promoters who are offloading their shares under the OFS include Ajay Baliram Sawant, Ujwal Arvind Mhatre, Umesh Navnitlal Shah, and Jayesh Manharlal Shah.

The fresh issue proceeds will be used to acquire office premises, fund capital expenditure requirements, and general corporate purposes.

Orient Technologies IPO allotment status and listing date

The share allotment status of Orient Technologies' IPO is likely to be finalised on August 26. Refunds will be initiated on August 27, and the shares will be credited to the Demat accounts of successful bidders on the same day. The company's shares will be listed on the National Stock Exchange (NSE) and the BSE (formerly Bombay Stock Exchange) on August 28.

About Orient Technologies

Orient Technologies provides products and solutions for specialised disciplines in IT-enabled services (IteS), IT Infrastructure, and Cloud and Data Management Services.

It has clients in healthcare, Banking, Financial Services, Insurance (BFSI), pharmaceuticals, and Information Technology (IT) & ITeS sectors.

As of June 30, the company's order book stood at ₹101.20 crore.

In the financial year 2023-24, the company reported revenue of ₹602.8 crore, compared to ₹535.1 crore in the previous fiscal, and profit after tax (PAT) rose to ₹41.4 crore from ₹38.3 crore.