Orient Technologies IPO GMP spikes; share allotment today, here is how to check status online

Orient Technologies IPO

Orient Technologies IPO shares garnered strong interest in the grey market, trading at around a 40 percent premium over the upper price band, the market observers said. The grey market is an unofficial platform wherein IPO shares can be bought and sold till the listing.

The grey market traders may be following the robust subscription numbers of 151.71 times recorded by the Orient IPO during August 21-23. Non-institutional investors (high net worth individuals) bought 300.6 times, followed by qualified institutional buyers, and retail investors who picked 189.9 times and 66.87 times respectively.

The information technology solutions provider raised nearly Rs 215 crore through its initial public offering which comprised of a fresh issuance of shares worth Rs 120 crore, and an offer-for-sale of 46 lakh shares worth nearly Rs 95 crore. The price band for the issue was Rs 195-206 per share.

Now investors participated in the offer are keenly awaited the share allotment which is going to be finalised by August 26. The participants can check their share allotment either on the BSE, NSE or IPO registrar's portals by following three easy steps.

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On the BSE website,

1) Select issue type 'Equity' and issue name 'Orient Technologies Limited'

2) Enter either 'Application number' or 'PAN number'

3) Check box (I am not a robot) and click on 'Search' button

On the NSE website,

1) After login, the PAN number already appears

2) Enter symbol 'ORIENTTECH' and application number

3) Click on 'Get Data"

On the IPO registrar's portal,

1) Select Company in the dropdown 'Orient Technologies Limited - IPO'

2) Select and accordingly enter 'PAN number', or 'Application number', or DP/Client ID, or Account number/IFSC

3) Click on 'Submit' button

Investors will receive Orient Technologies IPO shares in their demat accounts by August 27.

Further, the trading in equity shares of Orient Technologies IPO will commence on the BSE and NSE, effective August 28.

Incorporated in 1997, Orient Technologies provides IT infrastructure solutions, IT enabled services, and cloud and data management services, competing with listed peers like Dynacons Systems & Solutions, Allied Digital Services, HCL Technoloies, LTIMindtree, Wipro, and Tech Mahindra.

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The Mumbai-based company will utilise net fresh issue proceeds for the acquisition of office premise at Navi Mumbai, purchase of equipment for setting up Network Operating Centre (NOC) and Security Operation Centre (SOC) at Navi Mumbai property, purchase of equipment and devices to offer Devise-as-a-Service (DaaS) offering, and general corporate purposes.