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Published: August 28, 2024
Updated: August 28, 2024

Orient Technologies Makes Impressive Stock Market Debut with 41% Premium

Strong Listing

Orient Technologies, an IT solutions provider, made a remarkable stock market debut on Wednesday, listing at Rs 290 on BSE and Rs 288 on NSE, representing a premium of 40.78% and 39.81%, respectively, over its issue price of Rs 206.

IPO Details

The company's IPO, which ran from August 21-23, offered shares in the fixed price band of Rs 195-206 with a lot size of 72 shares. The IPO raised Rs 214.76 crore, comprising a fresh share sale of up to Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh shares.

Investor Demand

The issue attracted significant demand from investors, with an overall subscription of 151.71 times. Non-institutional investors (NIIs) led the bidding, with their quota booked 300.70 times, followed by qualified institutional bidders (QIBs) at 189.90 times, and retail investors at 66.87 times.

Company Overview

Mumbai-based Orient Technologies, incorporated in 1997, offers customized IT solutions, enabling it to attract prominent clients across various industries. Its ability to tailor solutions to meet customers' specific needs has been a key factor in its success.

Grey Market Expectations

Ahead of its listing, Orient Technologies' shares commanded a grey market premium of Rs 90-92, suggesting a listing pop of around 44-45% for investors. While the actual listing was slightly below expectations, the company's impressive debut still marks a strong entry into the stock market.

Orient Technologies' successful IPO and stock market debut reflect the company's potential for growth and its attractiveness to investors. As the company continues to provide innovative IT solutions, its stock performance will be closely watched by market enthusiasts.