Orient Technologies IPO opens on August 21: Check price band, lot size, and other key details

IT solutions company Orient Technologies Limited is set to launch its initial public offer next week to raise ₹214.76 crore from the primary market. The subscription window for Orient Technologies IPO will go live on Wednesday, August 21.

Investors interested in applying for this mainboard IPO should know these key details about the mainboard issue:

Orient Technologies IPO: Offer Size

Orient Technologies IPO, valued at ₹214.76 crore, is a book-built issue consisting of a fresh issue of 58 lakh shares aggregating ₹20 crore along with an offer for sale portion of 46 lakh shares totalling ₹94.76 crore. Orient Technologies has set aside 50% of the net offer for Qualified Institutional Buyers and 35% of the offer for retail investors. As much as 15% of the net issue has been reserved for the Non-Institutional Investor category.

Orient Technologies IPO: Price band and lot size

Orient Technologies IPO price band has been fixed at ₹195 to ₹206 per share. Retail investors can apply in Orient Technologies IPO with a minimum lot size of 72 shares, aggregating to an investment of ₹14,832. Small Non-Institutional Investors can apply for Orient Technologies IPO by bidding for a minimum lot size of 14 lots or 1,008 shares, totalling an investment of ₹2,07,648. Big NIIs (bNIIs) can place bids for a minimum of 68 lots or 4,896 shares with an investment of ₹10,08,576.

Orient Technologies IPO: Subscription window, allotment date, listing date

The subscription window for Orient Technologies IPO will be open between August 21 and August 23. The share allotment status in the IPO will be finalised on August 26.

Once the share allotment status is finalised, refunds will be initiated for unsuccessful bidders, and successful bidders will receive shares of Orient Technologies in their demat accounts on August 27.

Shares of Orient Technologies Ltd. will be listed on the NSE and BSE exchanges. The tentative listing date for the IPO is Wednesday, August 28.

Orient Technologies: Financial results and business model

Orient Technologies’s revenue increased nearly 12% to ₹606.86 crore in the fiscal year ended March 31, 2024, from ₹542.01 crore reported in the year-ago period. The company’s Profit-After-Tax grew more than 8% to ₹41.45 crore in FY24 compared to ₹38.3 crore in FY23. The company’s net worth for FY24 grew 36% to ₹175.31 crore compared to ₹128.82 crore in FY23.

Orient Technologies Limited is an (IT) solutions provider which provides services such as IT Infrastructure services, IT Enabled Services (IteS) and cloud and data management services.

The company caters to clients in industries such as banking, financial services, insurance (BFSI), IT, ITeS, and healthcare/pharmaceutical. Some of its clients include Bluechip Corporate Investment Centre Private Limited (Bluechip), Tradebulls Securities Private Limited (Tradebulls), Vasai Janata Sahakari Bank Limited (VJS Bank), and Vasai Vikas Sahakari Bank Limited (VKS Bank).

Orient Technologies: Promoters

The promoters of Orient Technologies are Ajay Baliram Sawant, Jayesh Manharlal Shah, Umesh Navnitlal Shah and Ujwal Arvind Mhatre. The promoters jointly hold a 97.96% pre-issue stake in the company.

Orient Technologies IPO: Registrar

The company has appointed Elara Capital (India) Private Limited as the book-running lead manager for the public offer. Link Intime India Private Ltd is the issue's registrar.

Orient Technologies IPO: Objectives

Orient Technologies plans to use the money raised via the public issue to acquire office premises at Navi Mumbai. Additionally, the funds will be used for capital expenditure requirements on setting up a Network Operating Centre (NOC) and Security Operation Centre (SOC). The money will also be used to purchase equipment to offer Device-as-a-Service (DaaS).

About Orient Technologies

Orient Technologies was incorporated in July 1997. Headquartered in Mumbai, Orient Technologies has sales and services offices across Maharashtra, Gujarat, New Delhi, Karnataka and Tamil Nadu. Orient Technologies employs 1,482 people as of June 30, 2024.