Orient Technologies IPO: The initial public offering (IPO) of information technology solutions provider Orient Technologies received more than six times subscription on the first day on Wednesday. According to NSE data, bids were received for 4,94,76,456 shares against the offer of 74,49,846 shares in the initial share sale of Rs 215 crore. This amounts to 6.64 times. The share of retail individual investors (RIIs) got 10.49 times subscription. While the share of non-institutional investors got 6.17 times subscription. The quota of qualified institutional buyers (QIBs) received only two percent subscription. In the gray market on Wednesday, the company’s stock was seen trading at a premium of Rs 70 against the issue price of Rs 206. In this way, this stock can be listed at Rs 276 with a premium of 33.98 percent.
Rs 215 crore IPO
Orient Technologies has raised Rs 64.42 crore from anchor investors on Tuesday. New shares worth Rs 120 crore have been issued under the IPO. This also includes a sale offer (OFS) of 46 lakh shares. At the upper level of the price band, the OFS will raise Rs 95 crore. Thus the total size of the IPO becomes Rs 215 crore. Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujjwal Arvind Mhatre and Jayesh Manharlal Shah are selling the company’s shares under the OFS.
What is the price band?
The price band for the IPO is Rs 195-206 per share. The IPO will close on August 23. Out of the amount raised from the sale of new shares, Rs 79.65 crore will be used to finance capital expenditure requirements, Rs 10.35 crore for acquisition of office premises in Navi Mumbai and a part will be spent on general company functioning. The company’s shares are proposed to be listed on BSE and NSE.
