Today’s market debut of Orient Technologies’ share price was extremely successful. The opening price of Orient Technologies shares on the NSE was ₹288 per share, which was 39.80% more than the ₹206 issue price. Orient Technologies’ share price started on the BSE today at ₹290 per share, up 40.78% from the issue price.
Based on the demand for its IPO, market experts projected that the share price of Orient Technologies would open at a premium of around 38% to 40%.
Subscriptions for the Orient Technologies IPO were accepted from Wednesday, August 21, through Friday, August 23. The Orient IPO subscription status was 151.71 times on the last day of bidding.
Retail and non-institutional investors (NII) responded surprisingly well to the Orient IPO throughout the first two days of the offering. Non-institutional investors made 300.60 subscriptions, compared to 66.87 subscriptions from retail investors. 189.90 subscriptions were made by qualified institutional buyers (QIBs).
The Mumbai-based IT solutions provider, Orient , received ₹64.43 crores from anchor investors just one day before to subscription. With a face value of ₹10, the price range for each equity share in the Orient Technologies IPO was set at ₹195 to ₹206.
Over the years, the company has developed a wealth of experience in creating products and solutions for specialized industries in IT infrastructure, cloud and data management services, and IT enabled services (IteS).
Orient Technologies provides services to the banking, financial services, insurance (BFSI), information technology (IT) and ITeS, healthcare, and pharmaceutical industries, among other public and commercial sectors.
Details of Orient Technologies’ IPO
The ₹214.76 crore Orient IPO consists of an offer-for-sale (OFS) by the promoters of 46 lakh equity shares, along with a new issue of ₹120 crore.
Shares in the OFS are going to be sold by Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.
The net profits will be used by the company for a number of purposes, such as capital expenditures and the purchase of an office facility in Navi Mumbai.
The Orient Technologies IPO’s book running lead manager is Elara Capital (India) Private Limited, while Link Intime India Private Ltd is the issue’s registrar.
Orient Technologies’ current IPO GMP
The gray market price of Orient’ IPO is +95. According to investorgain.com, this shows that the price of Technologies’ shares were selling at a premium of ₹95 on the black market.
Given the upper end of the IPO pricing range and the existing premium on the grey market, it is possible that the share price of Technologies will be listed at ₹301 each, which would be a 46.12% rise from the ₹206 IPO price.
The amount investors are ready to pay beyond the issue price is reflected in the “grey market premium.”
