The Initial Public Offering of Orient Technologies Limited was subscribed 6.65 times on the first day of bidding led by NII and Retail.
The issue received bids of 4,95,13,752 shares against the offered 74,49,846 equity shares, at a price band of ₹195-206, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 10.50 times and 6.17 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.02 times. The issue kicked off for subscription on Wednesday, August 21, 2024, and will close on Friday, August 23, 2024.
A day before its issue opening, Orient Technologies Ltd raised Rs 64.43 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund and Rajasthan Global Securities.
Leading brokerage firms like Anand Rathi, Geojit Financial Services, Swastika Investmart, BP Equities, StoxBox, Arihant Capital and Master Capital have given a “Subscribe” rating to the issue highlighting the company’s the company’s strong position in the IT solutions sector. The company collaborates with major technology partners like Dell and Fortinet, offering a wide range of advanced IT services and products. Despite its current focus on the Indian market, Orient Technologies has shown consistent financial growth, with a compound annual growth rate (CAGR) in revenue, EBITDA, and PAT during FY2022-24. The IPO is generally seen as fairly valued, with most brokers noting a P/E ratio of around 20.7x at the upper price band.
Elara Capital (India) Private Limited is the sole the book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.