Orient Technologies IPO opens today; check subscription here

21 Aug 2024 , 02:08 PM

The initial public offering (IPO) of Orient Technologies, a provider of IT solutions and related services, opens for public subscription today. The company aims to raise ₹214.76 Crore from this public issue.

The subscription window for the Orient Technologies IPO will be open for three days, closing on Friday, August 23, 2024.

The IPO includes a fresh issue of 5,825,243 shares, aggregating up to ₹120 Crore, and an offer for sale (OFS) of 4,600,000 equity shares with a face value of ₹10 each.

As of August 21 at the time of writing at 1:15 pm, the IPO has been subscribed 3.64 times according to NSE data.

The subscription breakdown includes:

• 6.10 times in the retail category
• 2.56 times in the Non-Institutional Investors (NII) category

Shares are priced between ₹195 and ₹206 per share, with a lot size of 72 shares. Investors can bid for a minimum of 72 shares and a maximum of 936 shares, equivalent to 13 lots, with a minimum investment amount of ₹14,832.

Proceeds from the IPO will be used to acquire office premises in Navi Mumbai, fund capital expenditures, purchase equipment for setting up a Network Operating Centre (NOC) and Security Operation Centre (SOC) at the Navi Mumbai location, and for general corporate purposes.

The allotment of shares is expected to occur on Monday, August 26, 2024, with shares credited to demat accounts on Tuesday, August 27, 2024.

Orient Technologies’ shares are scheduled to be listed on the BSE and NSE on Wednesday, August 28, 2024.