The IPO of Orient Technologies ran between August 21-23 as the company had offered its shares in the fixed price band of Rs 195-206 per share with a lot size of 72 shares.
Shares of Orient Technologies are set to make their Dalal Street debut on Wednesday, August 27. The debutant IT firm is likely to deliver a healthy listing pop to the investors, if one goes by the signals from the unofficial market. The stock is headed delivery healthy listing pop for investors.
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Ahead of its listing, shares of Orient Technologies were commanding a firm grey market premium (GMP) of Rs 90-92 per share, suggesting a listing pop of around 44-45 per cent for the investors. However, it was around Rs 80-82 since the issue closed for bidding last week.
Orient Technologies is poised for a strong stock market debut. The IPO has garnered significant investor interest. The company’s long track record, diverse clientele, and consistent financial growth underscore its strong market position.
Orient Technologies IPO Listing Live Update at 9:33 am: Financials
| Particulars | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | ₹ 467 crore | ₹ 535 crore | ₹ 602 crore |
| Net Profit | ₹ 33.4 crore | ₹ 38.2 crore | ₹ 41.4 crore |
Orient Technologies IPO Listing Live Update at 9:10 am: Orient Technologies shares will make their debut on the stock exchanges at 10 am on Wednesday, August 28.
“Despite these potential risks, the IPO’s valuation at a P/E multiple of 17.45 times appears reasonable. Given the company’s strong fundamentals, investor enthusiasm, and the positive outlook for the IT sector, Orient Technologies is well-positioned for a successful listing,” she said.
The IPO of Orient Technologies was open for subscription between August 21-23. The IT solutions player had offered its shares in the fixed price band of Rs 195-206 per share with a lot size of 72 shares. The company raised a total of Rs 214.76 crore from its IPO, which included a fresh share sale of up to Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh shares.
The issue was overall subscribed a total of 151.71 times, where the bidding was led by non-institutional investors (NIIs), whose quota was booked a bumper 300.70 times. The quota for qualified institutional bidders (QIBs) was subscribed a solid 189.90 times. The portions reserved for retail investors saw bidding for 66.87 times during the bidding process.
Orient Technologies’ issue attracted strong demand. It is set to be listed on the stock exchanges with an expected listing premium of 40 per cent above its issue price, said Prathamesh Masdekar, Research Analyst at StoxBox. “We advise the participants allotted the shares to hold them from a medium to long-term perspective,” he said.
Mumbai-based Orient Technologies is a fast-growing information technology (IT) solutions provider. Orient Technologies, incorporated in 1997, offers a wide range of customized offerings and its ability to tailor solutions to meet customers’ specific needs has enabled it to attract prominent clients across various industries.
Brokerages were mostly positive on the issue, suggesting investors to subscribe to it for a long-term. Elara Capital (India) enacted as the sole book running lead manager of the Orient Technologies IPO, while Link Intime India served as the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.
