Orient Technologies IPO Subscribed Over 17x by Day 2 – Latest GMP, Lot Size, and Subscription Status
The initial public offering (IPO) for Orient Technologies, which opened for subscription on August 21, was subscribed 16.96 times by the second day of bidding.
Investors placed bids for 12,63,33,144 shares, far exceeding the 74,49,846 equity shares available at a price range of ₹195-206 per share, according to stock exchange data.
The retail portion of the IPO was subscribed 24.49 times, while the non-institutional investor portion was subscribed 20.97 times. However, the portion for qualified institutional buyers (QIBs) was subscribed only 0.16 times. The subscription period ends on Friday, August 23.
Anchor Investors
Before the IPO opened, Orient Technologies Ltd raised ₹64.43 crores from anchor investors. These investors included both foreign and domestic institutions such as Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities.
Orient Technologies IPO Details
The IPO is a book-built issue valued at ₹214.76 crores. It includes a fresh issue of 0.58 crore shares worth ₹120 crores and an offer for sale of 0.46 crore shares amounting to ₹94.76 crores.
The price band for the IPO is set between ₹195 and ₹206 per share. Investors need to apply for a minimum lot of 72 shares, which requires a minimum investment of ₹14,832.
The allotment of shares is expected to be determined on Monday, August 26, and the IPO is set to be listed on the BSE and NSE, with a tentative listing date of Wednesday, August 28.
Elara Capital (India) Private Limited is the sole book running lead manager, and Link Intime India Private Limited is the registrar for the offer. The equity shares will be listed on both BSE and NSE.
Grey Market Premium (GMP)
The shares of Orient Technologies IPO are trading at a premium of ₹70 in the grey market, according to investorgain.com. This suggests that the estimated listing price of the IPO could be around ₹276, which is 33.98% higher than the issue price of ₹206.
The ‘grey market premium’ (GMP) reflects investors’ willingness to pay more than the issue price for the shares.
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