Orient Technologies IPO Sees Over Sixfold Subscription on Day One

The initial public offering (IPO) of IT solutions provider Orient Technologies was massively oversubscribed on its first day, receiving bids for over six times the number of shares on offer. The IPO, totaling Rs 215 crore, includes anchor investments and aims to fund growth and acquisitions. It closes on August 23.

The initial public offer of IT solutions provider Orient Technologies received an overwhelming response on its first day, with subscriptions exceeding six times the shares available, data from NSE revealed.

The Rs 215-crore share sale garnered bids for 4,94,76,456 shares against 74,49,846 on offer. Notably, the Retail Individual Investors segment saw 10.49 times subscription, while Non-Institutional Investors booked 6.17 times. However, the quota for Qualified Institutional Buyers fetched only 2 per cent.

The company had previously raised Rs 64.42 crore from anchor investors. The issue includes a fresh issue worth Rs 120 crore and an offer-for-sale totaling Rs 95 crore by promoters. Proceeds will fund capital expenditure, office acquisition, and general corporate purposes. Orient Technologies serves a wide range of public and private sector clients in various industries, from BFSI to healthcare.

(With inputs from agencies.)