Orient Technologies IPO Subscribed 6.65 Times On Day 1

The initial public offering of Orient Technologies Ltd. opened for subscription on Wednesday. The issue aims to raise Rs 241.8 crore. The offering consists of a combination of a fresh issue and an offer-for-sale from existing shareholders. The IPO was subscribed 6.65 times on the first day.

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.

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

• Issue opens: Aug. 21.

• Issue closes: Aug. 23.

• Price band: Rs 195–206 per share.

• Anchor bidding open for a day on Aug. 20.

• Minimum lot size for bidding: 72 shares.

• Issue size: Rs 241.8 crore.

• 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.

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 information technology infrastructure, IT enabled services, and cloud and data management services.

The IPO has been subscribed 6.65 times as of 5:30 p.m. on Wednesday.

• Institutional investors: 0.02 times or 2%.

• Non-institutional investors: 6.17 times.

• Retail investors: 10.50 times.