Orient Technologies IPO: Mumbai-based firm garners ₹64.43 crore from anchor investors ahead of public issue

Mumbai-based IT solutions provider Orient Technologies Limited has raised ₹64.43 crore from anchor investors ahead of its initial public offering, which opens for public subscription on Wednesday, August 21, 2024.

The company announced to the stock exchanges that it allocated 31,27,572 equity shares at ₹206 per share to anchor investors on Tuesday, August 20, 2024.

Among the anchor investors were foreign and domestic institutions such as Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities.

Orient Technologies IPO details

The IPO includes a fresh issue of shares worth up to ₹120 crore and an offer for sale (OFS) of up to 4,600,000 equity shares by the Promoter Selling Shareholders.

The company plans to launch its initial public offering (IPO) of equity shares on Wednesday, August 21, 2024, with the offer closing on Friday, August 23, 2024. The price band for the IPO has been set between ₹195 and ₹206 per equity share.

At the upper end of the price band, the IPO is expected to raise ₹214.76 crore. Investors can bid for a minimum of 72 equity shares, with additional bids in multiples of 72 shares.

The offer will be conducted through the Book Building Process. In this process, up to 50% of the offer will be allocated to Qualified Institutional Buyers (QIBs), at least 15% to Non-Institutional Bidders, and at least 35% to Retail Individual Bidders.

Elara Capital (India) Private Limited is the exclusive book-running lead manager, while Link Intime India Private Limited is serving as the registrar for the offer. The equity shares are expected to be listed on both BSE and NSE.

Orient Technologies, based in Mumbai, Maharashtra, is an IT solutions provider established in 1997. The company offers a diverse array of products and services, organized into three main business segments: IT infrastructure, IT-enabled services (ITeS), and cloud and data management services.