Orient Technologies is scheduled to finalize the basis of its share allotment on Monday, August 26. Bidders can expect to receive notifications or emails regarding the debit of their funds or the revocation of their IPO mandates by Tuesday, August 27. The IPO received a strong response from investors during the three-day bidding process.
The IPO was open for bidding from August 21 to August 23, with shares offered in a fixed price band of Rs 195-206 per share and a lot size of 72 shares. The company raised a total of Rs 214.76 crore from the IPO, including a fresh issue of shares worth up to Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh shares.
The issue was overall subscribed 151.71 times, with non-institutional investors (NIIs) showing strong interest, as their quota was subscribed 300.70 times. The quota for qualified institutional buyers (QIBs) was subscribed 189.90 times, while the portion reserved for retail investors was subscribed 66.87 times.
The grey market premium (GMP) of Orient Technologies has surged following the strong investor response to the IPO. The last reported GMP was Rs 80-82 per share, indicating a potential listing gain of around 40%. However, the GMP was around Rs 60 on the last day of bidding.
Incorporated in 1997, Orient Technologies is a Mumbai-based IT solutions provider that offers a wide range of customized services. Its ability to tailor solutions to meet clients' specific needs has helped it attract prominent customers across various industries.
Brokerages have been largely positive about the issue, recommending it for long-term investment due to the company's experienced management, strong financials, long-term client relationships, asset-light model, and expansion plans in the DaaS model. However, rising competition, its focus solely on the Indian market, and reliance on a few key clients are areas of concern.
Elara Capital (India) acted as the sole book-running lead manager for the IPO, while Link Intime India is the registrar. Shares of the company are expected to be listed on both the BSE and NSE, with Wednesday, August 28, tentatively set as the listing date.
Investors who bid for the Orient Technologies IPO can check the allotment status on the Bombay Stock Exchange (BSE) website:
The registrar, a Sebi-registered entity, is responsible for processing applications electronically and carrying out the allotment process as outlined in the prospectus. It ensures compliance with timelines for crediting shares to successful applicants, processing refunds, and addressing investor-related queries post-issue.