Finance
Orient Technologies IPO: Price Band, GMP, and Key Details as Subscription Opens 2024 updates
Orient Technologies IPO: The initial public offering (IPO) of Orient Technologies opens for subscription today, August 21, and aims to raise ₹215 crore, including a fresh equity sale of ₹120 crore and an offer for sale (OFS) of 46 lakh shares. Here’s a breakdown of the top 10 things you need to know about the Orient Technologies IPO:
- Price Band: The IPO is priced between ₹195-206 per share. The subscription window closes on August 23.
- Fundraising: The company plans to raise a total of ₹215 crore, with ₹120 crore from the fresh equity sale and the rest from the OFS of 46 lakh shares.
- Promoter Stake Sale: In the OFS, key promoters including Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre, and Jayes Manharlal will be offloading part of their stakes.
- IPO Allocation: About 50% of the IPO is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).
- Use of Proceeds: The funds raised will be utilized for capital expenditure, acquiring office premises at Navi Mumbai, and other general corporate purposes.
- Company Expertise: Orient Technologies specializes in IT infrastructure, IT-enabled services (IteS), cloud, and data management services, collaborating with major tech companies like Dell, Fortinet, and Nutanix.
- Product & Service Offerings: The company offers products and services including Data Centre Solutions and End-User Computing.
- Financial Performance: In FY24, Orient Technologies reported a 12% year-on-year increase in revenue, reaching ₹603 crore.
- Lead Manager: Elara Capital is the sole book-running lead manager for this IPO.
- Registrar: Link Intime India has been appointed as the registrar for the issue.
With a grey market premium (GMP) of ₹55, the IPO is anticipated to generate strong listing gains for investors.
