Orient Technologies, an IT sector company, has seen its recent IPO (Initial Public Offering) result in significant profits for investors. Today, Wednesday, the company’s shares were listed with a premium of over 40% on the market, making investors who put in money a profit of over ₹6,000 within a week.
Profit for IPO Investors
Orient Technologies’ shares listed at ₹290 on the BSE (Bombay Stock Exchange) with a 40.78% premium. On the NSE (National Stock Exchange), shares listed at ₹288 with a 39.80% premium. The IPO had a price band of ₹195-206. Each IPO lot contained 72 shares, requiring a minimum bid of ₹14,832. After listing, the value of one lot increased to ₹20,880. This means that investors made a profit of ₹6,048 per lot.
Details of the IPO
Orient Technologies is an IT solutions provider based in Mumbai. The company offers services like data center solutions, end-user computing, cloud and data management. The IPO, worth ₹214.76 crore, opened on August 21 and closed on August 23. It included a fresh issue of ₹120 crore and an offer for sale of ₹94.76 crore.
Strong Response to the IPO
The IPO received an excellent response from investors. In the Qualified Institutional Buyer (QIB) category, the IPO was oversubscribed 188.79 times. In the Non-Institutional Investor (NII) category, it was oversubscribed 310.33 times, and Retail Investors subscribed 68.93 times. Overall, the IPO was 154.84 times oversubscribed.
Use of IPO Funds
Orient Technologies plans to use the funds raised from the IPO for several purposes. The primary goal is to open a new office in Navi Mumbai. The company will also invest in equipment for Network Operating Centers and Security Operation Centers, and for other device-as-a-software services. The remaining funds will be used for general corporate needs.
