Orient Technologies IPO fully subscribed within first hour of bidding; retail portion booked 2.22 times

2 min read | Updated on August 21, 2024, 11:10 IST

SUMMARY

Orient Technologies IPO is a combination of a fresh issue of ₹120 crore and an offer for sale (OFS) component of up to 46 lakh shares worth ₹95 crore by promoters.

Orient Technologies is an information technology (IT) solutions provider.

Orient Technologies IPO has received a robust response from investors. Within an hour of opening for subscription on Wednesday, August 21, the issue was fully subscribed.

The issue has been subscribed 1.30 times so far. The portion for non-institutional investors (NIIs) was subscribed 0.83 times, while the retail investors category attracted 2.22 times the subscription.

Orient Technologies IPO will conclude on Friday, August 23. The price band for the initial public offering has been fixed at ₹195-₹206 per equity share.

The ₹214.76 crore IPO is a combination of a fresh issue of ₹120 crore as well as an offer for sale (OFS) of up to 46 lakh shares worth ₹95 crore.

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

To apply for Orient Technologies IPO, CLICK HERE.

Before the IPO, Orient Technologies mobilised ₹64.43 crore in the anchor round from investors such as Pine Oak Global Fund, Saint Capital Fund, SB Opportunities Fund, Elara Capital (Mauritius) and Rajasthan Global Services.

In Pics: 5 key things about Orient Tech IPO

The Mumbai-based company allocated 31,27,572 shares to anchor investors at ₹206 per equity share.

The proceeds from the IPO will be used to acquire office premises in Navi Mumbai, fund capital expenditures, and for general corporate purposes.

Investors can bid for at least one lot consisting of 72 shares worth ₹14,040.

Orient Technologies IPO: Timeline

Bidding dates: August 21 to August 23
Allotment finalisation: August 26
Refund initiation: August 27
Demat transfer: August 27
Listing: August 28

About Orient Technologies

Orient Technologies is an information technology (IT) solutions provider, offering services such as data centre solutions, end-user computing, multi-vendor support, network operations and data management services.

Orient Technologies has a diverse clientele spanning the public and private sectors, including banking, financial services, insurance (BFSI), pharmaceuticals, Information Technology (IT) and ITeS, and healthcare.

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

To know more about IPO listings, schedule and upcoming IPOs, click here.

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 fully subscribed within first hour of bidding; retail portion booked 2.22 times

Orient Technologies IPO: Timeline

About Orient Technologies

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