Orient Technologies IPO: Price band, GMP among 10 things to know as issue opens for subscription
Through the IPO, Orient Technologies is planning to raise ₹215 crore- including a fresh equity sale of ₹120 crore and an offer for sale of 46 lakh shares.
The initial public offering (IPO) of Orient Technologies will open for subscription today (August 21). Ahead of the opening, the company's shares were trading at a premium of ₹55 in grey market which means that the stock is likely to result in strong listing gains for investors. Here are 10 things to know about Orient Technologies IPO:
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1. The IPO is priced in the range of ₹195-206 apiece. The IPO closed on August 23.
2. Through the IPO, the company is planning to raise ₹215 crore- including a fresh equity sale of ₹120 crore and an offer for sale (OFS) of 46 lakh shares.
3. In the OFS, promoters Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre and Jayes Manharlal will be offloading part of their stakes.
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4. The IPO reserves about 50% for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
5. Net proceeds from the IPO will be used by the company to fund its capital expenditure requirements, acquire office premises at Navi Mumbai and general corporate purposes, it said.
6. Orient Tech has expertise in creating products and solutions for specialised disciplines across IT infrastructure, IT enabled services (IteS), cloud and data management services.
7. The company collaborates with top technology companies like Dell, Fortinet, and Nutanix and product and services offered by Orient Technologies include Data Centre Solutions and End-User Computing.
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8. In FY24, the company's revenue from operations increased 12% year-on-year to ₹603 crore.
9. Elara Capital is acting as the sole book running lead manager for the IPO.
10. Link Intime India is the registrar of the issue.
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