Shares of Orient Technologies Ltd on Wednesday traded at a premium of nearly 41 per cent to the issue price of Rs 206.
The stock debuted at Rs 290, up 40.77 per cent from the issue price on the Boston Stock Exchange. It later rose 47.79 per cent to Rs 304.45.
To the NSEis trading at a 39.80 per cent premium at Rs 288.
The market valuation of the company stood at Rs 1,267.78 crore.
Orient Technologies’ IPO was subscribed 151.71 times on the last day of subscription on Friday.
The initial share sale of Rs 215 crore had a price range for the offer of Rs 195 to Rs 206 per share.
The Initial Public Offering (IPO) was a combination of a fresh issue of Rs 120 crore and an offer for sale of up to 46 lakh equity shares valued at Rs 95 crore at the upper end of the price band, by the promoters.
The proceeds of the fresh issue totalling Rs 79.65 crore will be utilised for funding capital expenditure requirements, Rs 10.35 crore for acquisition of office premises in Navi Mumbai and a portion will also be utilised for general corporate purposes.
Over the years, the company has developed deep expertise in creating products and solutions for specialized disciplines in IT infrastructure, IT-enabled services (IteS), and data and cloud management services.
Orient Technologies has a diverse clientele spanning public and private sectors including industries such as Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, Healthcare and Pharmaceuticals.
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