In total, the issue has been subscribed almost 77 times so far. The category reserved for NII investors was subscribed 193 times, followed by retail investors with 51 times and QIBs with 33 times.
The issue includes a fresh share sale of Rs 120 crore and an offer for sale (OFS) of 46 lakh shares. Under the OFS, promoters Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre and Jayes Manharlal will divest their partial stakes.
The proceeds from the fresh issue will be used to fund its capital expenditure requirements, acquisition of office space in Navi Mumbai and general corporate purposes.
Orient GMP Technologies
In the unlisted market, the company’s shares are trading at a GMP premium of Rs 60, indicating a 29% premium over the issue price. The GMP rose marginally from the previous day.
Orient Technologies IPO review
Analysts advised investors to subscribe to the IPO as it is reasonably priced. The company has a P/E of 20.7x. “The company’s business operations involve technologically advanced solutions for which it collaborates with a wide range of technology partners including Dell, Fortinet and Nutanix. In terms of valuation, we believe the company is reasonably priced,” Anand Rathi said while recommending a subscription.
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Orient Technologies IPO Price Band
The company has priced the IPO in the range of Rs 195-206 per share and at the higher end, plans to raise Rs 215 crore through the issue.
Other details
Over the years, Orient Tech has developed deep expertise in building products and solutions for specialized disciplines in IT Infrastructure, IT-Enabled Services (IteS), and Cloud and Data Management Services.
Partners with leading technology companies such as Dell, Fortinet and Nutanix to deliver advanced solutions tailored to the specific needs of its customers.
The products and services offered by Orient Technologies, within IT Infrastructure, include Data Center Solutions and End-User Computing.
The IT Infrastructure segment has a history of being the busiest business segment and also the largest revenue generating segment. It has added new products making it a broad-based offering and is growing at a CAGR of 58.60% from FY21 to FY23.
In FY24, the company’s operating revenue increased 12% year-on-year to Rs 603 crore, while profit for the same period rose to Rs 41.4 crore.
Elara Capital is acting as the sole lead order book manager for the IPO and Link Intime India is the registrar.
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of Economic Times)
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