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Orient Technologies IPO Launches Today

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Orient Technologies Ipo Announcement

The much-anticipated IPO for Orient Technologies Ltd, a Mumbai-based IT solutions provider, is officially open today. The subscription period will run from August 21 through August 23. Ahead of this initial public offering, the company attracted ₹64.43 crore from its anchor investors.

Orient Technologies has set a price band for its shares at ₹195 to ₹206 each, with a face value of ₹10. The company has allocated 50% of the shares to qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% set aside for retail investors.

Investors can expect the results of the share allocation process to be finalized by August 26. Refunds for unsuccessful bids will start on August 27, with shares being credited to allottees’ demat accounts on the same day. If all goes as planned, the company’s shares should officially list on BSE and NSE on January 29.

Established in 1997, Orient Technologies specializes in various IT solutions, including IT Infrastructure, IT Enabled Services, Cloud, and Data Management Services. The firm has shown impressive financial growth, boasting a compound annual growth rate (CAGR) of 13.7% for revenue, 12.9% for EBITDA, and 11.2% for PAT between FY2022 and FY2024.

Analysts, including Prathamesh P Masdekar from StoxBox, suggest that Orient Technologies is well-positioned for future growth. They plan to enhance their product offerings and expand globally, while maintaining strong relationships with clients and technology partners.

This IPO, valued at ₹214.76 crore, consists of a fresh issue worth ₹120 crore and an offer-for-sale involving 46 lakh equity shares by various promoters. Notable share sellers include Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

Funds raised through the IPO will be directed toward general corporate purposes, including acquiring an office building in Navi Mumbai. Elara Capital (India) Private Limited is the book running lead manager for the issue, while Link Intime India Private Ltd serves as the registrar.

Interestingly, the grey market is buzzing about Orient Technologies’ shares trading at a premium of ₹30, indicating strong interest among investors. This suggests a possible listing price of ₹236 per share, reflecting a 14.56% increase over the upper end of the IPO price band of ₹206.

Rachel Adams

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