Investor response to Orient Technologies' IPO has been overwhelmingly positive. The issue was fully subscribed in an hour on Wednesday, August 21, the day it opened for subscription.
There have been 1.41 subscriptions to the issue thus far. The retail investor category attracted 2.22 times the subscription as compared to 0.83 times for the non-institutional investors (NIIs) portion.
IPO details
The IPO for Orient Technologies will end on Friday, August 23. The initial public offering's price range has been set at Rs 195 to Rs 206 per equity share.
The Rs 214.76 crore initial public offering (IPO) consists of an offer for sale (OFS) of up to 46 lakh shares valued at Rs 95 crore, in addition to a new issue of Rs 120 crore.
Anchor investors
Prior to the initial public offering, Orient Technologies raised Rs 64.43 crore from investors in the anchor round, including Rajasthan Global Services, Pine Oak Global Fund, Saint Capital Fund, SB Opportunities Fund, and Elara Capital (Mauritius).
Anchor investors received 31,27,572 shares from the Mumbai-based company at a price of Rs 206 per equity share.
The IPO's proceeds will be used for general corporate purposes, to finance capital expenditures, and to purchase office space in Navi Mumbai. A minimum of one lot, or Rs 14,040, comprising 72 shares, is up for bid.
The IPO subscription timetable
The period from August 21 to August 23 will be available for subscriptions to the Orient Technologies IPO. Finalisation of the share allotment status for the IPO is scheduled for August 26th.
On August 27, shares of Orient Technologies will be deposited into the demat accounts of successful bidders, and refunds for unsuccessful bidders will start as soon as the share allotment status is confirmed.
On the BSE and NSE exchanges, Orient Technologies Ltd. plans to list its shares. The IPO's anticipated listing date is Wednesday, August 28.
