The company plans to use the IPO proceeds to acquire office space in Navi Mumbai, set up a Network Operating Centre and Security Operation Centre, and fund its Device-as-a-Service segment.
Orient Technologies, an IT solutions provider established in 1997, offers products and services in IT infrastructure, IT-enabled services (ITeS), and cloud and data management.
The company has recently entered the DaaS market, offering devices like desktops, laptops, and servers on a subscription basis, expecting growth in this nascent and fragmented market.
While the company primarily operates in India, it is looking to expand its international presence. Currently, it has a branch in Singapore and caters to multinational clients.
Orient Technologies serves a broad range of clients across various industries, including public sector entities like Coal India and Mazagon Dock, as well as private sector clients in BFSI, healthcare, and IT sectors.
The company faces stiff competition from large Indian multinationals, domestic firms, and smaller regional players, including competitors like Wipro, HCL Technologies, and Tech Mahindra.
The company has seen strong revenue growth, with a CAGR of 47.09% from Fiscal 2021 to 2023. For Fiscal 2023, revenue was <span class='webrupee'>₹</span>535 crore, with a profit after tax of <span class='webrupee'>₹</span>38 crore.
Heavy reliance on top 10 customers, significant employee-related expenses, and intense competition are identified as major risks that could impact profitability and market position.
The IPO allotment is expected on August 26, 2024, with shares set to list on the NSE and BSE on August 28, 2024.
Elara Capital (India) Private Limited is the book-running lead manager for the IPO, with Link Intime India Private Ltd. serving as the registrar.