Orient Technologies made a strong debut on the stock market, with shares hitting the 5% upper circuit after listing at a 39.8% premium. The initial public offering (IPO) consisted of a fresh issue worth ₹120 crore and an offer-for-sale (OFS) component valued at ₹95 crore. The price band was set between ₹195 and ₹206 per share.
Orient Technologies is a provider of information technology (IT) solutions.
Orient Technologies IPO Share Price Live Update at 10:25 am: After listing at a 39.8% premium on the NSE, shares of Orient Technologies surged 5% to ₹302.4 apiece, reaching the upper circuit limit.
Orient Technologies IPO Share Price Live Update at 10:00 am: Orient Technologies shares debuted at a 39.8% premium over the issue price of ₹206 per share on the National Stock Exchange (NSE) and rose by 40.7% to ₹290 on the BSE.
Orient Technologies IPO Listing Live Update at 9:44 am: How will the company use the IPO proceeds? From the fresh issue, ₹79.65 crore will fund capital expenditures, ₹10.35 crore will be used to acquire office premises in Navi Mumbai, and the remaining funds will be allocated for general corporate purposes.
Orient Technologies IPO Listing Live Update at 9:33 am: Financials
| Particulars | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | ₹467 crore | ₹535 crore | ₹602 crore |
| Net Profit | ₹33.4 crore | ₹38.2 crore | ₹41.4 crore |
Orient Technologies IPO Listing Live Update at 9:10 am: Orient Technologies shares will debut on the stock exchanges at 10 am on Wednesday, August 28.
Orient Technologies IPO Listing LIVE: Shares of Orient Technologies are set to list on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday, August 28.
The IPO of Orient Technologies was oversubscribed 151.71 times during the three-day bidding window from August 21 to August 23. The ₹215-crore public offer received bids for 1,13,02,20,648 equity shares against 74,49,846 shares on offer. The non-institutional investors (NII) category saw subscriptions 300.60 times, while the qualified institutional buyers (QIB) portion was subscribed 189.90 times. The retail investors’ quota attracted 66.87 times the subscription.
Before the IPO, the IT solutions provider raised ₹64.42 crore from anchor investors. The IPO featured a fresh issue of ₹120 crore and an offer-for-sale (OFS) of ₹95 crore by promoters. The price band for the shares was set between ₹195 and ₹206 per share. Under the OFS, Umesh Navnitlal Shah, Ajay Baliram Sawant, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are selling their stakes.
About Orient Technologies
Orient Technologies offers products and solutions in IT-enabled services (IteS), IT Infrastructure, and cloud and data management services (CDMS). The company serves clients in various sectors, including pharmaceuticals, healthcare, IT & ITeS, and Banking, Financial Services, and Insurance (BFSI).
