Technology from the East IPO:Wednesday was the opening day when investors of IT solutions provider Orient Technologies showed interest in its IPOIt has been oversubscribed more than six times.
The 215 crore rupees IPO The company attracted bids for 4,947,76456 shares out of the 7,449,846 shares available, according to data from the National Stock Exchange.
RIIs showed interest as their quota was subscribed 10.49 times, followed by NII segment whose subscription was 6.17 times. However, the quota for QIBs remained subscribed only at 2%.
On Tuesday, the company had raised Rs 64.42 crore from anchor investors.
This includes a fresh issue of equity shares worth Rs 120 crore and an offer for sale of up to 46 lakh equity shares at Rs 95 crore at the upper end of the price band, taking the total transaction size to Rs 215 crore.
Promoters of the company who are selling their stake in OFS include Ajay Baliram Sawant, Umesh Navitlal Shah, Ujwal Arwind Mhatre and Jayesh Manharlal Shah.
The issue price has been fixed at Rs 195-206 per share. The public issue will close on August 23.
The proceeds of the fresh issue would be utilised, of which Rs 79.65 crore would be used for capital expenditure, Rs 10.35 crore for acquiring office premises in Navi Mumbai and the remaining for general corporate purposes.
Orient Technologies has gained expertise in IT Infrastructure, IT-Enabled Services, Data Management and Cloud Services for a large number of clients across diverse sectors such as Banking, Financial Services, Insurance, IT & ITeS, Healthcare and Pharmaceuticals.
Some of the clients listed here are Coal India, Mazagon Dock, D’Decor, Jyothy Labs, ACG, Integreon, Bluechip and Tradebulls.
The company’s order book as on June 30, 2024, stood at Rs 101.20 crore.
Included in this order book was higher revenue from operations of Rs 602.89 crore for FY24, up from Rs 535.10 crore in the previous fiscal.
Restated profit after tax also increased from Rs 38.30 crore to Rs 41.45 crore.
(With PTI inputs)
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