Orient Technologies share price makes a stellar debut, stock opens with 40% premium at ₹288 apiece on NSE

Orient Technologies share price made a bumper debut on the bourses today. On NSE, Orient Technologies share price opened at ₹288 per share, 39.80% higher than the issue price of ₹206. On BSE, Orient Technologies share price today opened at ₹290 apiece, up 40.78% than the issue price.

Market experts anticipated Orient Technologies share price to open with a premium around 38% - 40% based on the demand for its IPO.

Orient Technologies IPO was available for subscription from Wednesday, August 21, until Friday, August 23. On the final day of bidding, Orient Technologies IPO subscription status was 151.71 times.

During the first two days of the Orient Technologies IPO, there was a remarkably strong response from retail and non-institutional investors (NII). Retail investors subscribed 66.87 times, while non-institutional investors subscribed 300.60 times. Qualified institutional buyers (QIBs) subscribed 189.90 times.

The supplier of IT solutions, Orient Technologies, based in Mumbai, raised ₹64.43 crores from anchor investors just a day before the subscription. The price band for each equity share in the Orient Technologies IPO was established at ₹195 to ₹206, with a face value of ₹10.

The firm has gained extensive experience over the years in developing products and solutions for specialised fields in cloud and data management services, IT infrastructure, and IT enabled services (IteS).

The public and commercial sectors that Orient Technologies serves include banking, financial services, insurance (BFSI), information technology (IT) and ITeS, healthcare, and pharmaceuticals.

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 intend to sell shares in the OFS.

The company aims to utilise the net proceeds for various company needs, including capital expenditure and the acquisition of an office building in Navi Mumbai.

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

Orient Technologies IPO GMP today

Orient Technologies IPO grey market price is +95. This indicates Orient Technologies share price were trading at a premium of ₹95 in the grey market, according to investorgain.com.

The upper end of the IPO price range, along with the current premium in the grey market, suggests that Orient Technologies' share price could be listed at around ₹301 each, representing a 46.12% increase from the IPO price of ₹206.

The 'grey market premium' reflects investors' willingness to pay above the issue price.

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