Orient Technologies' IPO Oversubscribed in Hours

21 Aug 2024 , 04:23 PM

Orient Technologies, an information technology (IT) solutions company, launched its Rs 214.76-crore initial public offering (IPO) for subscription on August 21. Within an hour of its release, the issue had reached its maximum subscription.

At 04:18 pm, the issue was overbid by 5.84 times. So far, retail investors have been the most active, subscribing to 9.47 times their reserved part. The non-institutional investors’ fraction came next, having been purchased 4.85 times. Meanwhile, QIBs (qualified institutional buyers) purchased 1% of their reserved portion.

The Rs 214.76 crore IPO will close for subscriptions on August 23. The price range for the issuance has been set at Rs 195 to Rs 206 per share. The IPO consists of a fresh issuance of Rs 120 crore of shares and a promoters’ offer to sell 46 lakh equity shares worth Rs 94.76 crore.

The company, which provides IT infrastructure, IT enabled services, and cloud and data management services, will spend Rs 10.35 crore of the net fresh issue proceeds on the acquisition of an office space in Navi Mumbai, Rs 79.65 crore on capital expenditures, and the remainder on general corporate purposes.

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