Orient Technologies IPO fully subscribed in less than an hour of opening, retail share subscribed 8.52x; check GMP | Market News

Orient Technologies IPO subscription status: The Orient Technologies IPO has started with a bang. Retail investors showed great enthusiasm within the first hour of publication, and the entire lot was oversubscribed. As a result, the matter was completely settled in less than an hour.

At 15:15 IST, the subscription level of Orient Technologies IPO was 5.18 times, according to BSE data.

The initial share sale saw bids for 3,85,75,728 shares against 74,49,846 on offer, according to BSE data.

The retail investor segment received 8.52 times subscription while the quota for non-institutional investors subscribed 4.03 times. The share of qualified institutional buyers (QIBs) was registered at 1%.

The first share sale opened today (Wednesday, August 21), has placed its price group at different levels. ₹195 to ₹206 on the equity portion of the face value of ₹10 each. The offer, which ends on Friday, August 23, allows investors to place bids for up to 72 shares, or multiples of that number.

Orient Technologies has offered 50% of the shares in the public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the offering is reserved for aside for retail investors.

Orient Technologies Limited, a rapidly growing information technology (IT) supplier headquartered in Mumbai, Maharashtra, was incorporated in July 1997. and data management services, IT equipment, and IT enabled services.

Dynacons Systems & Solutions Ltd (P/E of 29.47), HCL Technologies Ltd (P/E of 26.93), Wipro Ltd (P/E of 23.39), LTMindtree Ltd (P/E of 34.56), Allied Digital Services Ltd (P /E of 26.05), Dev Information Technology Ltd (P/E of 29.01), Tech Mahindra Ltd (P/E of 55.17), and Silicon Rental Solutions Ltd (P/E of 14.41) are the company’s listed peers.

Orient Technologies Limited’s revenue increased by 12% and its profit after tax (PAT) by 8% in the financial years ended March 31, 2023 and March 31, 2024.

Orient Technologies IPO details

Orient Technologies IPO, which is important ₹214.76 crore, has a new release of ₹120 crore, and an offer-for-sale (OFS) of 46 lakh equity shares by the promoters.

Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are planning to sell shares in OFS.

The proceeds will be used by the company for general purposes, such as capital expenditure requirements, and acquiring an office building in Navi Mumbai.

The book for Orient Technologies IPO is the lead manager is Elara Capital (India) Private Limited, and the underwriter is Link Intime India Private Ltd.

Orient Technologies IPO GMP today

The market price of Orient Technologies IPO is +32. This shows Orient Technologies share price was sold at a premium ₹32 in the blue market, according to investorgain.com.

Considering the upper end of the IPO price range and the current premium in the gray market, the estimated price of the list price of the Orient Technologies share is shown at. ₹238 another, which is 15.53% higher than the IPO price of ₹206.

Today’s IPO GMP shows highs based on gray market performance over the past 13 periods, indicating a strong lineup. According to analysts of investorgain.com, GMP is different from low to ₹0 up to ₹55.

‘Grey market premium’ indicates that investors are willing to pay more than the issue price.

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