Orient Technologies IPO

Orient Technologies IPO debuts with 40% premium on the exchange; Hit Upper Circuit on Listing Day 

(L – R) Mr. Ujwal Mhatre, Director, Mr. Jayesh Shah, Director, Mr. Ajay Sawant, CMD and Mr. Umesh Shah, Director of Orient Technologies Limited at prestigious Listing ceremony, BSE.)

Mumbai, August 28, 2024: Shares of Orient Technologies Limited debuted on the exchange listing at a 40% premium. higher than the IPO’s issue price of Rs 206. At the time of closing the stock was locked in upper circuit with only buyers with a total bid for 8,98,578 shares on NSE. 

The scrip listed at Rs 290 per share on BSE, a premium of 40.7% and at Rs 288 per share on NSE, a premium of 39.81%. The company's share price closed at Rs 304.45 per share on the BSE, and at Rs 302.40 per share on the NSE.

As per NSE, the total quantity traded stood at 27.32 lakh shares, on BSE the total Quantity stood at 6.22 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 98.74 crore.

The Market Capitalization of the Company at today’s closing price stood at Rs. 1,267.78 Crore as per BSE and Rs. 1,259.25 Crore as per NSE.

The Initial Public Offering of Orient Technologies Limited had garnered substantial interest, and the offer was subscribed 151.71 times. Qualified Institutional Buyer and Non-Institutional Investors Portion was subscribed 189.90 times and 300.60 times respectively. Retail Portion was subscribed 66.87 times.

Orient Technologies was incorporated in the year 1997. Over the years It has built deep expertise to develop products and solutions for specialised disciplines across its business verticals, such as IT Infrastructure Products and solutions; IT Enabled Services (IteS); and Cloud and Data Management Services.

The Company’s business operations involve technologically advanced solutions for which it has to collaborate with a wide range of technology partners including Dell International Services India Private Limited (Dell) and Fortinet, Inc. (Fortinet) and Nutanix Netherlands B.V. (Nutanix).

The Mumbai based company has established a strong relationship with marquee customers such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, VJS Bank, VKS Bank, and Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai.

 

As of June 30, 2024, Orient Technologies’ Order Book stood at ₹ 101 cr.

 

Elara Capital (India) Private Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the offer.