Orient Technologies IPO Subscribed Over 151.71 Times On Day 3

The IPO has been subscribed 151.71 times on Friday.

Source: Representative/Freepik

The initial public offering of Orient Technologies Ltd. entered its third and final day, and was subscribed 151.71 times on Friday. The issue was subscribed 16.96 times on the second day and 6.65 times on its first day, led by demand from retail investors.

The public issue, which aims to raise Rs 241.8 crore, consists of a fresh issue of shares worth Rs 120 crore and an offer-for-sale component of Rs 94.76 crore, according to the red herring prospectus.

The minimum lot size for bidding will be 72 shares, with further bids to be made in multiples. Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah will be among the promoters selling shareholders.

The price band for the offering is set at Rs 195–206 per share. The IPO issue closes on Aug. 23.

Also Read: Orient Technologies IPO - Investment Rationale, Financials, Peer Comparison, Risks And More: DRChoksey

Issue Details

  • Issue opens: Aug. 21.

  • Issue closes: Aug. 23.

  • Price band: Rs 195–206 per share.

  • Minimum lot size for bidding: 72 shares.

  • Issue size: Rs 241.8 crore.

Use Of Proceeds

  • To fund capital requirements: Rs 79.7 crore.

  • For purchase of office premises: Rs 10.4 crore.

  • Balance to be used for general corporate purposes.

About Orient Technologies 

Founded in 1997 and headquartered in Mumbai, the firm specialises in providing information technology solutions. Orient Technologies has expertise in creating products and solutions for specialised disciplines across information technology infrastructure, IT enabled services, and cloud and data management services.

Subscription Status: Day 3

The IPO has been subscribed 151.71 times on Friday.

  • Institutional investors: 189.90 times.

  • Non-institutional investors: 300.60 times.

  • Retail investors: 66.87 times.

Also Read: Stock Market Today: Nifty, Sensex End Muted Week Higher Before Powell's Jackson Hole Speech

Watch| Orient Technologies IPO Details

Also Read: IPO Rush: Seven New Issues, Five Listings To Hit Street This Week

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
WRITTEN BY
Divya Prata
Divya Prata is a desk writer at NDTV Profit, covering business and market n... more
GET REGULAR UPDATES