Orient Technologies IPO subscribed 6.64 times on Day 1, retail portion booked 10.5x

The Rs 214.76-crore initial public offering will close for subscription on August 23

Orient Technologies, information technology (IT) solutions provider, opened its Rs 214.76-crore initial public offering (IPO) for subscription on August 21. The issue was fully subscribed within an hour of opening.

At close on day 1, the issue was overbid at 6.64 times. The retail investors were at the forefront, subscribing to 10.49 times of their reserved portion. The non-institutional investors portion followed next after it was bought 6.17 times. Meanwhile, QIBs or qualified institutional buyers bought 2 percent shares of their reserved portion.

Follow our live blog to catch all the updates

The Rs 214.76-crore IPO will close for subscription on August 23. The price band for the issue has been fixed at Rs 195-Rs 206 per share. The IPO is a combination of fresh issuance of shares worth Rs 120 crore, and an offer-for-sale of 46 lakh equity shares worth Rs 94.76 crore by promoters.

The company that provides IT infrastructure, IT enabled services, and cloud & data management services will spend Rs 10.35 crore out of the net fresh issue proceeds for acquisition of office premise in Navi Mumbai, Rs 79.65 crore for capital expenditure requirements, and the remaining amount for general corporate purposes.

Orient Technologies raised Rs 64.43 crore from five anchor investors on August 20, before the issue's opening.

Pine Oak Global Fund and Saint Capital Fund are the biggest institutional investors in the anchor book, buying 9.7 lakh equity shares each, while SB Opportunities Fund picked 4.85 lakh shares. Furthermore, Elara Capital (Mauritius) and Rajasthan Global Services acquired 2.91 lakh shares and 4.09 lakh shares, respectively, in the anchor book.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.