Orient Technologies IPO Oversubscribed 30 Times with Strong Grey Market Premium

The Orient Technologies IPO has attracted significant interest from both retail and non-institutional investors (NII) over the first two days. The subscription is still ongoing and will close today, Friday, August 23.

Subscription Status

As of 11:24 IST on the final day of bidding, the IPO has been subscribed 30.48 times, according to data from the BSE. There were bids for 22,70,83,608 shares compared to the 74,49,846 shares available.

• Retail Investors: Their portion was oversubscribed 35.68 times.
• Non-Institutional Investors: Their quota was oversubscribed 57.26 times.
• Qualified Institutional Buyers (QIBs): Their segment was subscribed 20%.

Daily Subscription Details

On the second day of the IPO (August 22), the subscription was 16.96 times oversubscribed. Retail individual investors' shares were oversubscribed 24.49 times, while non-institutional investors' shares were oversubscribed 20.97 times. The QIB portion was subscribed 16%.

The first day of subscription saw an overall subscription of 6.65 times. The retail portion was oversubscribed 10.50 times, the NII segment was oversubscribed 6.17 times, and the QIB portion saw a 2% subscription rate.

IPO Closing: The public offering for Orient Technologies will close today, August 23.

Company and Pricing Information

Orient Technologies, an IT solutions company based in Mumbai, raised Rs. 64.43 crores from anchor investors prior to the IPO. The shares are priced between Rs.195 and Rs. 206 each, with a face value of Rs.10.

• Share Allocation:
  • 50% for QIBs
  • 15% for NIIs
  • 35% for retail investors

Founded in 1997, Orient Technologies offers IT solutions including IT infrastructure, IT Enabled Services (IteS), cloud services, and data management.

Offer Details: The IPO, with a total value of Rs. 214.76 crores, includes a fresh issue of Rs.120 crores and an offer-for-sale (OFS) of 46 lakh equity shares by the promoters, Ajay Baliram Sawant, , Ujwal Arvind Mhatre, Umesh Navnitlal Shah ,and Jayesh Manharlal Shah.

The funds from the IPO will be used for general corporate purposes, including capital expenditures and purchasing a new office building in Navi Mumbai.

Book Running Lead Manager and Registrar:

• Lead Manager: Elara Capital (India) Private Limited
• Registrar: Link Intime India Private Ltd

Grey Market Premium (GMP)

The grey market premium for the Orient Technologies IPO is currently  +Rs. 70, indicating that the shares are trading at a premium of Rs. 70. This suggests that the estimated listing price could be around Rs.276, which is about 33.98% higher than the top end of the IPO price range of Rs.206.

Also read: IPO Alert: Things to know before investing in Orient Technologies Limited IPO

Analysts have noted a positive trend in the GMP over the past 15 sessions, suggesting a strong potential for a favorable listing.