Orient Technologies Shares List At 40% Premium Over IPO Price

Orient Technologies IPO Listing: Orient Technologies debuted on Dalal Street today, August 28. Its shares debuted with a premium of around 40%. According to indicators from the unofficial market, the IT firm was expected to deliver a strong listing gain for investors.

Orient Technologies Share Price Today

On the NSE, the shares were listed at Rs 288, reflecting a 39.81% premium over the issue price of Rs 206, while on the BSE, they were listed at Rs 290, representing a 40.78% premium.

Shares of Orient Technologies were commanding a grey market premium (GMP) of Rs 90-92 per share ahead of the listing, suggesting a potential listing gain of around 44-45%. This is an increase from the Rs 80-82 range since the issue closed for bidding last week.

Orient Technologies IPO

The company’s IPO, which aimed to raise Rs 213 crore, was open for subscription from August 21 to August 23. The offering received tremendous interest, with the IPO being oversubscribed by an impressive 152 times.

The initial public offer of Orient Technologies was subscribed 151.71 times on the final day of subscription on Friday.

The Rs 215-crore initial share sale received bids for 1,13,02,20,648 shares against 74,49,846 shares on offer, according to NSE data.

The Non-Institutional Investors’ portion was subscribed 300.60 times while Qualified Institutional Buyers’ quota received 189.90 times subscription. Retail Individual Investors part fetched 66.87 times subscription.

On Tuesday, information technology solutions provider Orient Technologies raised Rs 64.42 crore from anchor investors.

The initial public offering (IPO) is a combination of a fresh issue of Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares valued at Rs 95 crore at the upper end of the price band, by promoters. This aggregates the transaction size to Rs 215 crore.

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

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

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

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

Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.

As of June 30, 2024, Orient Technologies’ order book stood at Rs 101.20 crore.

Revenue from operations during the fiscal year 2024 increased to Rs 602.89 crore from Rs 535.10 crore in the previous year and profit after tax rose to Rs 41.45 crore from Rs 38.30 crore.

Elara Capital (India) Pvt Ltd is the sole book-running lead manager for the IPO.

Orient Technologies IPO Allotment Status On the BSE Website

1. Visit the BSE IPO Allotment Status page.
2. Select ‘Equity’ as the issue type.
3. From the drop-down menu, choose ‘Orient Technologies.’
4. Enter your IPO application number or PAN number.
5. Click ‘Search’ to view your allotment status.