The Orient Technologies IPO is set to open for subscription on August 21, 2024 and close on August 23rd, 2024. It’s a book-built offering valued at ₹214.76 crores, consisting of a fresh issue of ₹120 crores and an offer for sale (OFS) of ₹94.76 crores.
Orient Technologies IPO Key Details:
- Price Band: ₹195 to ₹206 per equity share
- Lot Size: 1 lot comprises 72 shares
- Minimum Investment: ₹14,832 for retail investors
- Listing: Proposed on both the BSE and NSE
- Allotment Date (Expected): Monday, August 26th, 2024
- Listing Date (Expected): Wednesday, August 28th, 2024
Orient Technologies is an IT solutions provider based in Mumbai. It specializes in areas such as IT infrastructure, IT-enabled services, and cloud & data management services. The company caters to a diverse clientele across various sectors including BFSI, IT & ITeS, healthcare, and pharmaceuticals.
The proceeds from the fresh issue will be utilized for funding capital expenditure requirements, acquiring office premises in Navi Mumbai, and general corporate purposes.
Grey Market Premium (GMP): As of today, August 18th, 2024, there is no readily available information about the grey market premium for Orient Technologies IPO. It’s advisable to check with reliable financial news sources or your stockbroker closer to the IPO opening date for the latest GMP information.
Orient Technologies purposes behind its IPO:
Acquisition of Office Premises: The company intends to use a portion of the IPO proceeds to acquire office space at Plutonium Business Park in Navi Mumbai. This will provide them with a dedicated and modern workspace to support their operations and future growth plans.
Funding Capital Expenditure Requirements:
- The company plans to invest in equipment for setting up a Network Operating Centre (NOC) and Security Operation Centre (SOC) at the newly acquired Navi Mumbai property. This will enhance their capabilities in network monitoring, management, and security, allowing them to provide better services to their clients.
- They also intend to purchase equipment and devices to offer Device-as-a-Service (DaaS) offerings. DaaS is a growing trend in IT solutions, providing clients with flexible access to the latest devices and technologies without the need for upfront capital investment.
General Corporate Purposes: The remaining proceeds from the IPO will be utilized for general corporate purposes, which may include working capital requirements, debt repayment, or potential acquisitions to further expand their business.
Overall, the IPO is aimed at supporting Orient Technologies’ growth and expansion plans. By investing in new office premises, infrastructure, and DaaS capabilities, the company aims to enhance its service offerings, attract new clients, and strengthen its position in the competitive IT solutions market.