Orient Technologies IPO subscribed 6.65x on first bidding day, retail portion booked 10.50x; check GMP

Orient Technologies IPO subscription status: The IPO for Orient Technologies is off to a terrific start. The retail investors exhibited tremendous enthusiasm during the first hour of the issue's launch, and the whole portion was subscribed in a matter of time. As a result, the issue was fully booked in less than an hour.

Orient Technologies IPO subscription status was 6.65 times, as per BSE data.

The initial share sale got bids for 4,95,13,752 shares against 74,49,846 shares on offer, according to BSE data.

The portion for retail investors fetched 10.50 times subscription while the quota for non-institutional investors got subscribed 6.17 times. The qualified institutional buyers (QIBs) part is booked 2%.

The initial share sale which has opened today (Wednesday, August 21), has set its price band in the range of ₹195 to ₹206 per equity share of the face value of ₹10 each. The offering, which ends on Friday, August 23, allows investors to place bids for up to 72 shares, or multiples of that number.

Orient Technologies has allocated 50% of the shares in the public issue for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the offer is set aside for retail investors.

Orient Technologies Limited, a rapidly expanding supplier of information technology (IT) solutions with its headquarters located in Mumbai, Maharashtra, was incorporated in July 1997. The organisation possesses vast expertise in developing products and solutions for niche markets within its industry verticals, including cloud and data management services, IT infrastructure, and IT enabled services.

Dynacons Systems & Solutions Ltd (P/E of 29.47), HCL Technologies Ltd (P/E of 26.93), Wipro Ltd (P/E of 23.39), LTIMindtree Ltd (P/E of 34.56), Allied Digital Services Ltd (P/E of 26.05), Dev Information Technology Ltd (P/E of 29.01), Tech Mahindra Ltd (P/E of 55.17), and Silicon Rental Solutions Ltd (P/E of 14.41) are the company's listed peers.

Orient Technologies Limited's revenue increased by 12% and its profit after tax (PAT) by 8% in the fiscal years that concluded on March 31, 2023, and March 31, 2024.

Orient Technologies IPO details

Orient Technologies IPO, which is worth ₹214.76 crore, comprises a fresh issue of ₹120 crore, and an offer-for-sale (OFS) of 46 lakh equity shares by the promoters.

Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah plan to sell shares in the OFS.

The net proceeds will be used by the company for general purposes, such as capital expenditure requirements, and acquiring an office building in Navi Mumbai.

The Orient Technologies IPO's book running lead manager is Elara Capital (India) Private Limited, and the issue's registrar is Link Intime India Private Ltd.

Orient Technologies IPO GMP today

Orient Technologies IPO grey market price is +32. This indicates Orient Technologies share price were trading at a premium of ₹32 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Orient Technologies share price was indicated at ₹238 apiece, which is 15.53% higher than the IPO price of ₹206.

Today's IPO GMP is showing an upward trend based on the grey market activities of the last 13 sessions, indicating a strong listing. According to analysts at investorgain.com, the GMP has ranged from a low of ₹0 to a high of ₹55.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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