Orient Technologies Share Price Highlights: Stock hits 5% upper circuit after listing at 39.8% premium

• Traded volume (lakhs): 27.24
• Traded value: ₹79.87 crore
• Total m-cap: ₹1,259.25 crore

• Current price: ₹302.4 (+5%)
• Open: ₹288
• High: ₹302.4
• Low: ₹287.2

The stock jumped 5% to ₹302.4 apiece - its upper circuit limit.

Proceeds from the fresh issue, totalling ₹79.65 crore, will be used to fund capital expenditure requirements, ₹10.35 crore for acquiring office premises at Navi Mumbai, and general corporate purposes.

The quota for non-institutional investors (NIIs) was subscribed 300.60 times, and the qualified institutional buyers (QIB) portion fetched 189.90 times the subscription. The part set aside for retail investors attracted 66.87 times the subscription.

The information technology (IT) solutions provider raised ₹64.42 crore from anchor investors before the IPO.

The initial share sale was a fresh issuance of ₹120 crore as well as an offer-for-sale (OFS) component of shares worth ₹95 crore by promoters. The price band was fixed at ₹195-₹206 per share.

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

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 (CDMS).

It has clients in industries such as pharmaceuticals, healthcare, IT & ITeS, and Banking, Financial Services, and Insurance (BFSI).