Orient Technologies IPO Surges with 16.95 Times Subscription

Orient Technologies' IPO was subscribed 16.95 times on its second day. The Rs 215-crore offering saw high demand, with significant interest from retail and non-institutional investors. Proceeds from the fresh issue will fund capital expenditure, office acquisition, and corporate purposes. The public issue concludes on Friday.

The initial public offering (IPO) of Orient Technologies received an enthusiastic response, being subscribed 16.95 times on its second day, Thursday.

The Rs 215-crore share sale attracted bids for 12,62,82,744 shares against 74,49,846 shares on offer, as per NSE data. Retail Individual Investors (RIIs) subscribed 24.48 times, Non-Institutional Investors (NIIs) 20.97 times, and Qualified Institutional Buyers (QIBs) 16 per cent.

On Tuesday, the IT solutions provider had raised Rs 64.42 crore from anchor investors. The IPO, a mix of fresh issue and offer-for-sale, aims to raise Rs 215 crore. Prominent shareholders, including Ajay Baliram Sawant and Umesh Navnitlal Shah, are offloading shares. Proceeds will fund capital expenditure, office acquisition, and corporate purposes. Revenue for FY 2024 increased to Rs 602.89 crore, with profits rising to Rs 41.45 crore. Elara Capital (India) Pvt Ltd is managing the IPO, set to conclude on Friday. Equity shares will list on BSE and NSE.

(With inputs from agencies.)