Shares of Orient Technologies made a strong debut at the bourses on Wednesday after a blockbuster IPO. Against the IPO price of ₹206, shares of Orient Technologies listed at a healthy premium of nearly 31 per cent at ₹290 on the BSE. The stock hit a high of ₹304.45 and a low of ₹285.10 on the BSE before closing at ₹304.45, a gain of 47.8 per cent over IPO price.
On the NSE, the stock got listed with a premium of 39.80 per cent at ₹288 and closed at ₹302.40, up nearly 47 per cent.
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’ IPO comprised a fresh issue of ₹120 crore and an offer-for-sale (OFS) of ₹94.76 crore.
The quota for retail investors was subscribed by a whopping 66.87 times, while that of HNIs by 300.60 times. QIBs, too, turned aggressive on the last day and their portion was subscribed 189.90 times.
Orient Technologies’ listing is a testament to its strong fundamentals and positive market outlook, said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd. However, investors should remain cautious about potential challenges such as industry competition and reliance on key clients, she added.
Earlier, Orient Technologies had garnered ₹64.43 crore from anchor investors ahead of the issue. 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.
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Published on August 28, 2024
https://www.thehindubusinessline.com/markets/orient-tech-surges-47-on-day-1-of-listing/article68576953.ece
