Orient Technologies IPO GMP Signals 40% Profit on Listing: Check Allotment Date, Subscription Status

Orient Technologies IPO GMP Today, Allotment Status: The initial public offering (IPO) of information technology solutions provider Orient Technologies Ltd, which concluded on Friday, received a whopping 154.84 times subscription on the final day of bidding. According to market observers, the grey market premium (GMP) of the company’s unlisted shares signals nearly 40 per cent listing gains, which is scheduled to take place on August 28.

Before that, the IPO allotment will be finalised on Monday, August 26. On August 26 evening, investors can check their allotment status on the websites of both BSE and NSE, as well as on registrar Link Intime India’s portal.

The Orient Technologies IPO was opened on August 21, 2024. The share allotment will take place on August 26, while its listing is scheduled for August 28.

Orient Technologies IPO GMP Today

According to market observers, unlisted shares of Orient Technologies Ltd are trading Rs 82 higher (at Rs 288 apiece) in the grey market as against its issue price of Rs 206. The Rs 82 grey market premium or GMP means the grey market is expecting a 39.81 per cent listing gain from the public issue.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Orient Technologies IPO: How to Check Allotment Status?

Once the IPO allotment is finalised on August 26, the status can be checked by following these steps:

1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.

2) Under ‘Issue Type’, select ‘Equity’.

3) Under ‘Issue Name’, select ‘Orient Technologies Ltd’ in the dropbox.

4) Enter your application number, or the Permanent Account Number (PAN).

5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.

Your share application status will appear on your screen.

You can also visit direct Link Intime portal — https://www.linkintime.co.in/Initial_Offer/public-issues.html and check the Orient Technologies IPO allotment status.

Orient Technologies IPO: Subscription Status, Other Details

The Rs 215-crore initial public offering (IPO) of Orient Technologies Ltd, which was opened between August 21 and August 23, is a combination of a fresh issue of Rs 120 crore and an offer for sale of up to 46 lakh equity shares valued at Rs 95 crore, at the upper end of the price band, by promoters. This aggregates the transaction size to Rs 215 crore.

The price band of the IPO was fixed at Rs 195-206 a share.

On the final day of bidding on Friday, the IPO received a whopping 154.84 times subscription, garnering bids for 1,12,99,91,256 shares as against 72,97,670 shares on offer.

According to the latest data, the retail quota received a 68.93 times subscription, while the non-institutional investors category also got a 310.03 times subscription. The QIB category received a 188.79 times subscription.

Under OFS, those offloading shares are Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

The proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes.

Investors can bid for a minimum of 72 equity shares and in multiples thereof.

Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.

Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.

It has clients such as Coal India, Mazagon Dock, D’Dcor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls. The company primarily operates in India and has sales and services offices in cities across the country, including Navi Mumbai, Pune, Ahmedabad, New Delhi, Bengaluru, and Chennai.

Additionally, it has a branch office in Singapore.

As of June 30, 2024, Orient Technologies’ order book stood at Rs 101.20 crore.

Orient Technologies’ revenue from operations during the fiscal year 2024 increased to Rs 602.89 crore from Rs 535.10 crore in the previous year and profit after tax rose to Rs 41.45 crore in fiscal 2024 from Rs 38.30 crore in fiscal 2023.

Elara Capital (India) Pvt Ltd is the sole book-running lead manager for the IPO. The equity shares are proposed to be listed on the BSE and NSE.