Orient Technologies shares make strong stock market debut; shares list at 41% premium

Shares of Orient Technologies made a healthy Dalal Street debut on Wednesday as the IT solutions provider was listed at Rs 290 on BSE, a premium of 40.78 per cent, over its issue price of Rs 206. Similarly, the stock was listed with a premium of 39.81 per cent over the given issue price at Rs 288 on NSE.
 

The listing of Orient Technologies has been slightly below the expectations as signaled from the unofficial market. Ahead of its listing, Orient Technologies' shares were commanding a grey market premium (GMP) of Rs 90-92 per share, suggesting a listing pop of around 44-45 per cent for the investors.
 

The IPO of Orient Technologies ran for subscription between August 21-23. The IT solutions player had offered its shares in the fixed price band of Rs 195-206 per share with a lot size of 72 shares. The company raised a total of Rs 214.76 crore from its IPO, which included a fresh share sale of up to Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh shares.
 

The issue attracted a bumped demand from investors, fetching an overall subscribed a total of 151.71 times. The bidding was led by non-institutional investors (NIIs), whose quota was booked a solid 300.70 times. The quota for qualified institutional bidders (QIBs) was subscribed a solid 189.90 times. The portion for retail investors saw bidding for 66.87 times.
 

Mumbai-based Orient Technologies is a homegrown information technology (IT) solutions provider. Orient Technologies, incorporated in 1997, offers a wide range of customized offerings and its ability to tailor solutions to meet customers' specific needs has enabled it to attract prominent clients across various industries.
 

Brokerages were mostly positive on the issue, suggesting investors to subscribe to it. Elara Capital (India) served as the sole book running lead manager of the Orient Technologies IPO, while Link Intime India enacted as the registrar for the issue.