Orient Technologies IPO Subscribed 16.96 Times On Day 2

The initial public offering of Orient Technologies Ltd. was subscribed 16.96 times on the second day on Thursday. The issue was subscribed 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.

• 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.

• 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, 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 16.96 times as of 5:30 p.m. on Thursday.

• Institutional investors: 0.16 times or 16%.

• Non-institutional investors: 20.97 times.

• Retail investors: 24.49 times.