Orient Technologies mobilises Rs 64.4 crore via anchor book, IPO to open on August 21

Orient Technologies IPO

IT solutions provider Orient Technologies has raised Rs 64.43 crore from five anchor investors on August 20, a day 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.

The Mumbai-based company in its filing to exchanges on August 20 said it has finalised allocation of 31,27,572 equity shares to anchor investors at a price of Rs 206 per equity share.

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The Rs 214.76-crore initial public offering will open for subscription on August 21, and the final day will be on August 23. The price band for the issue has been fixed at Rs 195-206 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 at Navi Mumbai, Rs 79.65 crore for capital expenditure requirements, and the remaining amount for general corporate purposes.

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Elara Capital (India) is the sole book running lead manager to the issue.