Orient Technologies shares up 40.78%, listed at ?290: Issue price was ?206; Company provides IT solutions

The stock of Orient Technologies Limited was listed on the Bombay Stock Exchange (BSE) at ? 290, up 40.78% from the issue price. On the National Stock Exchange (NSE), the stock was listed at ? 288, up 39.81% from the issue price. The issue price of this initial public offering was ? 206. This IPO was open for investors from 21 August to 23 August. The IPO was subscribed a total of 154.84 times in three trading days. The retail category was subscribed 68.93 times, qualified institutional buyers (QIB) 188.79 times and non-institutional investors (NII) category 310.03 times. Orient Technologies’ issue was worth ?214.76 crores
Orient Technologies’ issue was worth ?214.76 crores. For this, the company issued 5,825,243 fresh shares worth ?120 crores. Whereas, the existing investors of the company sold 4,600,000 shares worth ?94.76 crores through Offer for Sale i.e. OFS. Retail investors could bid for a maximum of 936 shares
Orient Technologies had fixed the price band of this issue from Rs 195 to Rs 206. Retail investors could bid for at least one lot i.e. 72 shares. If you had applied for 1 lot as per the upper price band of IPO of Rs 206, then you would have had to invest ?14,832 for it. At the same time, retail investors could apply for a maximum of 13 lots i.e. 936 shares. For this, investors had to invest Rs 1,92,816 as per the upper price band. 35% of the issue was reserved for retail investors
The company had reserved 50% of the issue for Qualified Institutional Buyers (QIB). Apart from this, 35% was reserved for retail investors and the remaining 15% for non-institutional investors (NII). Orient Technologies was founded in 1997
Orient Technologies Limited was founded in 1997. The company provides information technology (IT) solutions. The company works to create products solutions for special areas within its business vertical. Orient is headquartered in Mumbai. What is an IPO? When a company issues its shares to the general public for the first time, it is called Initial Public Offering or IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this, the company brings IPO.