Orient Technologies spurts on debut

The scrip was listed at Rs 290, exhibiting a premium of 40.78% to the issue price.

So far, the stock has hit a high of 304.45 and a low of 285.10. On the BSE, over 5 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Orient Technologies was subscribed 151.71 times. The issue opened for bidding on 21 August 2024 and it closed on 23 August 2024. The price band of the IPO was fixed between Rs 195 to Rs 206 per share.

The IPO comprised of a fresh issue of Rs 120 crore and offer for sale upto 46,00,000 equity shares.

The net proceeds will be used towards acquisition of office premises situated at Plutonium Business Park, Trans-Thana Creek Industrial Area, Turbhe MIDC, District Thane, Navi Mumbai; funding capital requirements for purchase of equipment for setting up of network operating center (NOC) and security operation center (SOC) at the Navi Mumbai property; purchase of equipment and devices to offer devise-as-a-service (DaaS) offering; and general corporate purposes.

Ahead of the IPO, Orient Technologies on 20 August 2024, raised Rs 64.42 crore from anchor investors. The board allotted 31.27 lakh shares at Rs 206 each to 5 anchor investors.

Orient Technologies is an information technology (IT) solutions provider of products and solutions for specific areas within its business verticals. The business verticals include IT infrastructure comprising data center solutions and end-user computing; IT-enabled (ITeS) managed services, multi-vendor support services, IT facility management services, network operations center services, security services, and renewals; and cloud and data management services focused on migration of workload from data centers to cloud.

The firm reported a net profit of Rs 41.45 crore and sales of Rs 602.89 crore for the twelve months ended on 31 March 2024.