Mumbai: Shares of smallcap company Orient Technologies saw a sharp rise on Tuesday after the company announced that its shareholders have approved a bonus issue. The stock jumped more than 14 percent on the BSE and climbed to around Rs 380, drawing strong investor attention.
The rally came after the company confirmed that it will issue bonus shares to its existing shareholders, boosting sentiment around the stock.
Bonus shares details
Orient Technologies has announced a 1:10 bonus issue, which means shareholders will receive one bonus share for every 10 shares held. This will be the first bonus issue in the company’s history.
The company has not yet announced the record date, which will decide which shareholders are eligible to receive the bonus shares. Investors are now closely watching for further updates from the company.
IPO price and listing performance
The company’s shares were priced at Rs 206 during its initial public offering (IPO). The IPO opened for subscription on August 21, 2024, and closed on August 23, 2024.
Orient Technologies made a strong stock market debut, listing at around Rs 290 on the BSE, which was a gain of more than 40 percent over the IPO price. On the listing day, the stock closed even higher at Rs 304.45.
Stock performance over time
The stock’s 52-week high stands at Rs 674.30, while its 52-week low is Rs 294.25. Despite the recent surge, the shares have fallen over 20 percent in the past one year. So far in the current year, the stock has declined by nearly 23 percent, showing high volatility.
About the company
Founded in July 1997, Orient Technologies Limited is an information technology solutions provider. The company offers a wide range of IT products and services, including data centre solutions, end-user computing, managed services, multi-vendor support services, IT facilities management, network operations centre services, and cloud and data management services.
Strong response to IPO
Orient Technologies’ IPO received an overwhelming response, with the issue being subscribed 154.84 times overall. The retail investor portion was subscribed 68.93 times, while the non-institutional investor category saw a massive 310.03 times subscription, reflecting strong interest at the time of listing.
