IT solution provider Orient Technologies' IPO saw strong demand on the final day of bidding, with the issue clocking 151.71 times subscription, update from the stock exchange showed on August 23.
Investors placed bids for 113.02 crore equity shares, exceeding the offer size of 74.5 lakh shares. Non-Institutional Investors (NIIs) led the charge, with their portion subscribed 300.59 times. Retail Individual Investors (RIIs) too showed high interest, subscribing 66.87 times their allotted quota. Qualified Institutional Buyers (QIBs) have subscribed to only 189.9 times the reserved shares.
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The Rs 214.76 crore consists of a fresh issue of 58 lakh shares, amounting to Rs 120 crore, and an offer for sale of 46 lakh shares, totalling Rs 94.8 crore. The allotment is expected on August 26 and shares are likely to list on stock exchanges on August 28.
The price band for the issue was set between Rs 195-206 per share, with a minimum application size of 72 shares. Elara Capital (India) Pvt Ltd is the lead manager for the issue, with Link Intime India Pvt Ltd acting as the registrar. Ahead of the IPO, the company had raised Rs 64.4 crore from anchor investors on August 19.
The proceeds from the IPO will be utilized for acquiring office premises at Navi Mumbai, funding capital expenditure for setting up a Network Operating Centre and Security Operation Centre, and expanding its Device-as-a-Service offerings. A portion of the funds will also go toward general corporate purposes, supporting the company’s overall growth strategy.
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