Orient Technologies Ltd. has set the price band of Rs 195–206 per share for its Rs 241.76 crore initial public offering due to open for subscription on Aug. 21.
The public issue 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 during the public offering.
The issue will open for subscription on Aug. 21 and close on Aug. 23. The bidding process for the anchor portion will commence on Aug. 20 and run for one day. Elara Capital (India) Pvt. is the book-running lead manager for the issue.
The company will use Rs 79.65 crore of the net proceeds from the fresh issue to fund capital expenditure requirements. Approximately Rs 10.35 crore will be used for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes.
Orient Technologies will be listed on the BSE and NSE. The company has reserved half of the issue for qualified institutional buyers, followed by 35% for retail investors and the remaining 15% for non-institutional investors.
Founded in 1997 and headquartered in Mumbai, Maharashtra, the firm specialises in providing information technology solutions. Orient Technologies has expertise in creating products and solutions for specialised disciplines across IT infrastructure, IT enabled services, and cloud and data management services. Clients include Coal India, Mazagon Dock, D'Décor, Jyothy Labs, ACG, Integreon, Bluechip, and Tradebulls.
For fiscal 2022–23, the company’s revenue from operations increased to Rs 535.10 crore from Rs 467.44 crore in fiscal 2021–22, and profit rose to Rs 38.30 crore in fiscal 2023 from Rs 33.49 crore in the preceding financial year.
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