The initial public offering of Orient Technologies witnessed a tremendous response from all category of investors, as the issue was subscribed 151.71 times. The Mumbai-based IT solutions provider Orient Technologies’ initial public offering comprised a fresh issue of ₹120 crore and an offer-for-sale (OFS) of ₹94.76 crore. It came out with a price band of ₹195–206. The quota for retail investors was subscribed by a whopping 66.87 times, while that of HNIs by 300.60 times. QIBs, who remained quiet in the first two days, turned aggressive on the last day and the portion reserved was subscribed 189.90 times. As part of the IPO exercise, Orient Technologies had garnered ₹64.43 crore from anchor investors ahead of the issue. The company allocated 31.27 lakh shares at ₹206 a share to anchor investors, including foreign and domestic institutions. Among them were Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities The proceeds from its fresh issuance to the extent of ₹10.35 crore will be used to acquire office premises at Navi Mumbai, ₹79.65 crore for funding its capital expenditure requirements and general corporate purposes. Incorporated in 1997, Orient Technologies has built deep expertise to develop products and solutions for specialised disciplines across its business verticals, such as IT Infrastructure products and solutions, IT-enabled services (IteS), and Cloud and Data Management Services. The company’s business operations involve technologically advanced solutions, for which it has to collaborate with a range of technology partners, including Dell International Services India Pvt Limited (Dell), Fortinet, Inc. (Fortinet), and Nutanix Netherlands B.V. (Nutanix).The company has established strong relationships with high profile customers such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, VJS Bank, VKS Bank, and the Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai. As of June 30, 2024, Orient Technologies’ order book stood at ₹ 101.20 crore. Elara Capital (India) Pvt Ltd is the sole book-running lead manager, and Link Intime India Pvt Ltd is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.SHARE
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https://www.thehindubusinessline.com/markets/orient-tech-ipo-subscribed-151-times/article68558984.ece
