Shares of Orient Technologies Ltd. listed on the BSE at Rs 290, a premium of 40% over the issue price of Rs 206 apiece on Wednesday. The stock debuted at Rs 288 per share on the National Stock Exchange, marking a premium of 39%.
The initial public offering of Orient Technologies Ltd. to raise Rs 241.8 crore was subscribed 151.71 times on its third and final day, led by demand from non-institutional investors. The public issue consists of a fresh issue of shares worth Rs 120 crore and an offer-for-sale component of Rs 94.76 crore.
Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are among the promoters selling shares.
Founded in 1997 and headquartered in Mumbai, the firm specialises in providing information technology solutions. Orient Technologies has expertise in creating products and solutions for specialised disciplines across information technology infrastructure, IT enabled services, and cloud and data management services.
The company will use the proceeds from the IPO to fund capital requirements to the tune of Rs 79.7 crore, for purchase of office premises of Rs 10.4 crore and the rest for general corporate purposes.
The company's revenue from operation rose to Rs 535.10 crore in fiscal 2022-23 from Rs 467.44 crore in fiscal 2021–22.
During the same period, profit rose to Rs 38.30 crore from Rs 33.49 crore.
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