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Mumbai-based IT solutions provider Orient Technologies’ initial public offering (IPO) will open today and close on Friday, August 23. The IPO consists of a fresh issue of up to ₹120 crore and an offer for sale (OFS) of up to 46 lakh shares by promoter selling shareholders. The price band has been determined as ₹195–206 a share. Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares thereafter.
At the upper end of the price band, the IPO size would be ₹214.76 crore.
Up to 50 per cent of the offer has been reserved for qualified institutional buyers, 15 per cent for non-institutional bidders and 35 per cent for retail investors.
As part of the IPO exercise, Orient Technologies on Tuesday garnered ₹64.43 crores from anchor investors. The company allocated 31,27,572 shares at ₹206 a share to anchor investors, who included 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 for the acquisition of 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 wide range of technology partners, including Dell International Services India Private 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) Private Limited is the sole book-running lead manager, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.
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