Orient Technologies IPO Fully Subscribed on Day 1

New Delhi, Aug 21 (PTI) The initial public offer of information technology solutions provider Orient Technologies was subscribed more than six times on the first day of subscription on Wednesday.

The Rs 215-crore initial share sale received bids for 4,94,76,456 shares against 74,49,846 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 10.49 times subscription while Non Institutional Investors part got subscribed 6.17 times. The quota for Qualified Institutional Buyers (QIBs) received a mere 2 per cent subscription.

Orient Technologies on Tuesday said it has 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.

The public issue will conclude on August 23.

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.

It has clients such as Coal India, Mazagon Dock, D'Dcor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls.

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. The equity shares are proposed to be listed on the BSE and NSE.