Orient Technologies IPO Secures ₹64.43 Crore from Anchor Investors Ahead of August 21 Launch: Key Details, Price Band, and Lot Size

Mumbai-based IT solutions company Orient Technologies Limited has raised ₹64.43 crore from anchor investors ahead of its upcoming IPO, which is set to open for public subscription on Wednesday, August 21, 2024.

The company informed the stock exchanges that it had allocated 31,27,572 equity shares to anchor investors at a price of ₹206 per share on Tuesday, August 20, 2024. Among these anchor investors were both foreign and domestic institutions like Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities.

Details of the Orient Technologies IPO:

• The IPO will feature a fresh issue of shares worth up to ₹120 crore and an offer for sale (OFS) of up to 4,600,000 equity shares by the promoter selling shareholders.
• The public offering will start on Wednesday, August 21, 2024, and close on Friday, August 23, 2024.
• The price range for the shares has been set between ₹195 and ₹206 per equity share.
• If priced at the higher end, the IPO is expected to raise ₹214.76 crore.
• Investors can place bids for a minimum of 72 equity shares, and any additional bids must be in multiples of 72 shares.

The IPO will be conducted through the Book Building Process, where up to 50% of the offer will be reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Bidders, and at least 35% for Retail Individual Bidders.

Elara Capital (India) Private Limited is the sole book-running lead manager, and Link Intime India Private Limited is acting as the registrar for the offer. The equity shares will be listed on both the BSE and NSE.

Established in 1997 and headquartered in Mumbai, Orient Technologies offers a wide range of IT solutions, including IT infrastructure, IT-enabled services (ITeS), and cloud and data management services.