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The initial public offering of Orient Technologies’ IPO will close for public subscription. The IPO has been a grand success so far, as HNI and retail investors have shown an overwhelming response. The IPO was subscribed 16.96 times at the end of Day 2 on Thursday
Mumbai-based IT solutions provider Orient Technologies’ initial public offering consists of a fresh issue of up to ₹120 crore and an offer-for-sale (OFS) of up to 46 lakh shares by the promoter-selling shareholders. The price band has been determined at ₹195–206 a share. At the upper end of the price band, the IPO size would be ₹214.76 crore.
Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares thereafter.
Up to 50 per cent of the offer has been reserved for qualified institutional buyers, 15 per cent for non-institutional bidders (HNIs) and 35 per cent for retail investors. The quota for retail investors was subscribed by a whopping 24.49 times, while that of HNIs by 20.97 times. QIBs, however, are yet to make aggressive bids, as their quota was subscribed 0.16 times or 16 per cent.
As part of the IPO exercise, Orient Technologies on Tuesday garnered ₹64.43 crore from anchor investors. The company allocated 31,27,572 shares at ₹206 to anchor investors, including foreign and domestic institutions. Among them were Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities
The proceeds from its fresh issuance to the extent of ₹10.35 crore will be used to acquire office premises at Navi Mumbai, ₹79.65 crore for funding its capital expenditure requirements and general corporate purposes.
Incorporated in 1997, Orient Technologies has built deep expertise to develop products and solutions for specialised disciplines across its business verticals, such as IT Infrastructure products and solutions, IT-enabled services (IteS), and Cloud and Data Management Services. The company’s business operations involve technologically advanced solutions, for which it has to collaborate with a range of technology partners, including Dell International Services India Pvt Limited (Dell), Fortinet, Inc. (Fortinet), and Nutanix Netherlands B.V. (Nutanix).
The Mumbai-based company has established strong relationships with marquee customers such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, VJS Bank, VKS Bank, and the Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai.
As of June 30, 2024, Orient Technologies’ order book stood at ₹ 101.20 crore.
Elara Capital (India) Pvt Ltd is the sole book-running lead manager, and Link Intime India Pvt Ltd is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.
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