Adding to the buzz, Orient Technologies shares are commanding a grey market premium (GMP) of Rs 70, or 34 per cent, at the upper end of the IPO price on Friday.
A positive GMP for an IPO is usually considered an indicator of strong demand and investor confidence, suggesting that the IPO is likely to list at a price higher than its issue price. It reflects bullish sentiment in the unofficial market before the stock officially trades on the exchange. If the GMP trends hold, shares of Orient Technologies may yield a return or potential listing gains of nearly 34 per cent post-listing.
Orient Technologies IPO subscription status
The Rs 215-crore public issue has received bids for 12,62,82,744 shares against 74,49,846 shares on offer, as per NSE data.
The retail category has been subscribed 24.48 times, while the Non-Institutional Investor (NII) category saw an overwhelming 20.97 times subscription. The Qualified Institutional Buyer (QIB) category recorded a 0.16 times subscription.
Should you Subscribe to the Orient Technologies IPO?
Orient Technologies IPO details
The Orient Technologies IPO consists of a fresh issue of 5,825,243 shares, raising up to Rs 120 crore, and an offer for sale (OFS) of 4,600,000 shares, amounting to Rs 94.76 crore. Under the OFS, Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are offloading shares of the company.
Orient Technologies has announced that it has already secured Rs 64.43 crore from anchor investors on August 19, 2024, a day before the issue opened.
The basis of allotment for the IPO is scheduled for Monday, August 26, 2024, with shares expected to be credited to Demat accounts by Tuesday, August 27, 2024. The shares are tentatively set to list on the NSE and BSE on Wednesday, August 28, 2024.
Link Intime India is the registrar, and Elara Capital (India) is the book-running lead manager for this issue.
First Published: Aug 23 2024 | 8:29 AM IST
