Orient Technologies Ltd Shares Skyrocket on Market Debut

Shares of Orient Technologies Ltd surged nearly 48% on their market debut, closing at Rs 304.45 on BSE. The IPO was subscribed 151.71 times, raising Rs 215 crore. Proceeds will fund capital expenditure, office acquisition in Navi Mumbai, and general corporate purposes.

Shares of Orient Technologies Ltd on Wednesday ended with a premium of nearly 48 percent against the issue price of Rs 206.

The stock made its debut at Rs 290 on the BSE, a jump of 40.77 percent from the issue price. It surged 47.79 percent to settle at Rs 304.45, its upper circuit limit.

On the NSE, the stock listed with a premium of 39.80 percent at Rs 288 and ended at Rs 302.40, up 46.79 percent.

The company's market valuation stood at Rs 1,267.78 crore.

The initial public offer of Orient Technologies was subscribed 151.71 times by the final day of subscription on Friday.

The Rs 215 crore initial share sale had a price range of Rs 195-206 per share.

The Initial Public Offering (IPO) included a fresh issue of Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares valued at Rs 95 crore at the top price band by promoters.

Proceeds from the fresh issue amounting to Rs 79.65 crore will be used for capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, with the remaining allocated for general corporate purposes.

Over the years, the company has developed significant expertise in IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.

Orient Technologies serves a diverse client base across public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), IT & ITeS, healthcare, and pharmaceuticals.

(With inputs from agencies.)