Orient Technologies IPO Date: Before the issue’s launch on August 20, Orient Technologies raised Rs 64.43 crore from five anchor investors.
On August 21, the information technology solutions firm Orient Technologies Limited launched subscriptions for its Rs 214.76-crore initial public offering (IPO). The entire issue was subscribed to in just one hour of release.
Orient Technologies IPO Details
At the close on day 1, the issue had a 6.64 times overbid. Retail investors have been leading the way, subscribing 10.49 times their reserved part. After all, non-institutional investors bought the largest share, 6.17 times over. Qualified institutional buyers, or QIBs, purchased two percent of the shares they had set aside in the interim.
Subscriptions for the Rs 214.76-crore IPO will end on August 23. The Orient Technologies IPO price band is Rs 195–Rs 206 per share. The IPO combines the recently issued shares valued at Rs 120 crore with the promoters’ offer to sell 46 lakh equity shares valued at Rs 94.76 crore.
Orient Technologies IPO Is Good or Bad?
Out of the net fresh issue proceeds, the company that offers cloud and data management services, IT infrastructure, and IT-enabled services will use Rs 10.35 crore to acquire an office building in Navi Mumbai, Rs 79.65 crore for necessary capital expenditures, and the remaining sum for general corporate purposes.
On August 20, before the issue launch, Orient Technologies received Rs 64.43 crore from five anchor investors.
The largest institutional buyers in the anchor book are Pine Oak Global Fund and Saint Capital Fund, each of which purchased 9.7 lakh equity shares, while SB Opportunities Fund purchased 4.85 lakh shares. Moreover, Elara Capital (Mauritius) and Rajasthan Global Services bought 2.91 lakh and 4.09 lakh shares, respectively, from the anchor book.
Orient Technologies’ grey market price is 30. According to investorgain.com, this shows that the share price of Orient Technologies was selling at a premium of ₹30 on the grey market.
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