Taking the current GMP into consideration, Orient Technologies’ shares may list on the BSE and NSE at around Rs 293 (upper end of IPO price + GMP). Thus, investors who have been allotted Orient Technologies’ shares can expect a gain of over 42 per cent per share upon listing.
Orient Technologies IPO details
Orient Technologies’ IPO was available at a price band of Rs 195-206 per share, with a minimum lot size of 72 shares. It comprised a fresh issue of 5,825,243 shares and an offer for sale of 4,600,000 equity shares with a face value of Rs 10 apiece. The public issue received an overwhelming response from investors, being oversubscribed by a whopping 154.84 times on the final day of subscription.
Orient Technologies plans to utilise the net proceeds from the public issue for various purposes. The company intends to acquire office premises in Navi Mumbai, fund capital expenditure requirements, and set up a Network Operating Centre (NOC) and Security Operation Centre (SOC) at the Navi Mumbai property, including purchasing necessary equipment. Additionally, the proceeds will be used to expand Device-as-a-Service (DaaS) offerings through equipment and device purchases. Finally, a portion of the proceeds will be allocated for general corporate purposes.
Established in 1997 and headquartered in Mumbai, Orient Technologies (OTL) is an information technology (IT) solutions provider with expertise in developing products and solutions for specialised disciplines across its business verticals.
First Published: Aug 27 2024 | 1:41 PM IST
