Orient Technologies share price makes a brilliant debut, opening with a 40% premium at ₹288 per share on the NSE

The share price of Orient Technologies celebrated a record debut on the stock exchanges today. On the NSE, the share price of Orient Technologies opened at ₹288 per share, 39.80% higher than the issue price of ₹206. On the BSE, Orient Technologies’ share price opened today at ₹290 per share, 40.78% more than the issue price.

Market experts expected Orient Technologies’ share price to open at a premium of around 38-40% due to demand for the IPO.

Orient Technologies IPO was open for subscription from Wednesday, August 21 to Friday, August 23. On the last day of bidding, the subscription level of Orient Technologies IPO was 151.71 times.

During the first two days of Orient Technologies IPO, there was a remarkably strong response from retail and non-institutional investors (NII). Retail investors subscribed 66.87 times while non-institutional investors subscribed 300.60 times. Qualified institutional buyers (QIBs) subscribed 189.90 times.

Mumbai-based IT solutions provider Orient Technologies has ₹64.43 Crore from anchor investors just a day before the subscription. The price band for each share in Orient Technologies IPO has been fixed at ₹195 to ₹206, with a nominal value of ₹10.

Over the years, the company has gained extensive experience in developing products and solutions for specialized fields in cloud and data management services, IT infrastructure and IT-enabled services (IteS).

The public and commercial sectors served by Orient Technologies include banking, financial services, insurance (BFSI), information technology (IT) and ITeS, healthcare and pharmaceuticals.

Details of Orient Technologies IPO

IPO of Orient Technologies, the ₹214.76 crore, includes a new issue of ₹120 Crore and an offer for sale (OFS) of 46 lakh equity shares by the promoters.

Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre and Jayesh Manharlal Shah intend to sell shares in OFS.

The Company intends to use the net proceeds for various corporate purposes, including investments and acquisition of an office building in Navi Mumbai.

Elara Capital (India) Private Limited is the bookrunner and lead manager for the IPO of Orient Technologies and the registrar of the issue is Link Intime India Private Ltd.

Orient Technologies IPO GMP today

The IPO price for Orient Technologies on the grey market is +95. This indicates that Orient Technologies’ share price is trading at a premium of ₹95 on the grey market, according to investorgain.com.

The upper end of the IPO price range and the current premium on the grey market suggest that Orient Technologies’ share price is around ₹301 shares, an increase of 46.12% compared to the IPO price of ₹206.

The “grey market premium” reflects investors’ willingness to pay above the issue price.

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