- Orient Technologies Limited made a stellar debut in the stock market on August 28. The company’s shares were listed at Rs 288, a premium of 40 percent over the IPO allotment price of Rs 206.
Orient Technologies Limited made a stellar stock market debut on August 28, where its shares got listed at Rs 288 (Orient Tech IPO Listing), a premium of 40 percent over the IPO allotment price of Rs 206.
However, these listing gains were slightly lower than estimates from the grey market, where the company’s shares were trading at a premium of around 46 percent. The grey market is an informal market where trading of shares starts even before the IPO (Orient Technologies IPO Share Price) opens and continues till the day of listing.
Orient Technologies’ Rs 214.7 crore public offer, which included both a fresh issue and an offer for sale, received a strong response from investors. According to stock market data, this IPO received 151.71 times its subscriptions until the last day.
Investors bid for 113.02 crore equity shares, which is many times more than the offer size of 74.5 lakh shares. During this, non-institutional investors (NIIs) showed the most interest, where their segment was subscribed 300.59 times. Retail individual investors (RIIs) also showed 66.87 times the subscription of their allotted quota. At the same time, qualified institutional buyers (QIBs) subscribed to 189.9 times the shares reserved for them.
The company plans to use the proceeds from this IPO for several purposes, including the acquisition of office property in Navi Mumbai. Apart from this, the company will use this amount for capital expenditure requirements, including the purchase of equipment for setting up a Network Operating Center (NOC) and a Security Operation Center (SOC). Also, the company will use these funds to purchase equipment and devices for Device-as-a-Service (DaaS) offerings and for general corporate purposes.
This successful listing of Orient Technologies Limited has brought tremendous profits to the investors, and the company’s future plans can establish it as a strong player. Such a blazing start in the stock market shows how high the confidence and enthusiasm of investors are towards this company in the market.