Orient Tech IPO subscribed 93 times so far on day three

23 Aug 2024 , 02:42 PM

The IPO of IT solution provider Orient Technologies is witnessing robust demand on the final day of bidding, with the issue 93 times subscribed, according to BSE data on August 23.

Investors bid for 70.56 crore equity shares, which exceeded the offer amount of 74.5 lakh shares. Non-Institutional Investors (NIIs) drove the charge, with their portion subscribed 232.67 times. Retail Individual Investors (RIIs) also demonstrated strong interest, subscribing 56.09 times their permitted limit. The Qualified Institutional Buyers (QIBs) have subscribed 57.53 times their reserved shares.

The Rs 214.76 crore includes a fresh issue of 58 lakh shares worth Rs 120 crore and an offer to sell 46 lakh shares for Rs 94.8 crore. The allotment is expected on August 26, with shares likely to be listed on stock exchanges on August 28.

The price range for the issue was set at Rs 195-206 per share, with a minimum application size of 72 shares. Elara Capital (India) Pvt Ltd is the issue’s lead manager, while Link Intime India Pvt Ltd serves as the registrar. Before the IPO, the business raised Rs 64.4 crore from anchor investors on August 19.

The IPO revenues will be used to acquire office space in Navi Mumbai, pay capital expenditures for the establishment of a Network Operating Centre and a Security Operation Centre, and expand the company’s Device-as-a-Service offerings. A portion of the proceeds will also be used for general corporate reasons, supporting the company’s overall growth goal.

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