Investor response to Orient Technologies' IPO (initial public offering) has been strong; on Friday, August 23, the last day of bidding, the issue was subscribed to more than 151.03 times.
On day 3, investors placed bids for 27.98 crore shares, compared to the 74,49,846 shares that are currently available. Non-institutional investors led the bidding, contributing 300.19 times the amount allotted to them.
The number of bids from retail investors exceeded the quota by 65.70. Three-quarters of the qualified institutional buyers were reserved.
Prior to the IPO, the company had already raised Rs 64.42 crore from anchor investors.
Fresh and OFS size
The initial share sale worth Rs 214.7 crore comprises two parts: a fresh issued share worth Rs 120 crore and an offer to sell shares valued at Rs 95 crore. Ajay Baliram Sawant, Jayesh Manharlal Shah, Umesh Navnitlal Shah, and Ujwal Arvind Mhatre are among the promoters offloading their shares under the OFS.
Timetable of IPO
The Orient Technologies IPO's share allotment status is probably going to be finalised on August 26. On August 27, refunds will begin, and the winning bidders' Demat accounts will receive the shares that same day.
On August 28, the company's shares will go live on the National Stock Exchange (NSE) and the BSE (Bombay Stock Exchange).
Financials of the company
The company's revenue for the 2023–24 fiscal year was Rs 602.8 crore, up from Rs 535.1 crore in the previous fiscal year. Additionally, profit after tax (PAT) increased to Rs 41.4 crore from Rs 38.3 crore.
Company profile
For specialised fields in IT infrastructure, cloud and data management services, and IT-enabled services (IteS), Orient Technologies offers products and solutions.
The information technology (IT) & ITeS, banking, financial services, insurance (BFSI), pharmaceutical, and healthcare industries are among its clientele.
The company had Rs 101.20 crore in its order book as of June 30.
