Orient Technologies IPO: Should You Invest in This IT Solutions Provider?
The Rs 214.76 crore IPO of Orient Technologies includes a fresh shares sale of Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh equity shares by the promoters of the company.
Orient Technologies IpoIt Solutions ProviderMumbaiNavi MumbaiElara CapitalLink Intime IndiaReal Estate MumbaiAug 21, 2024
Orient Technologies is a fast-growing information technology (IT) solutions provider based in Mumbai. The company has developed extensive knowledge to create products and solutions for specific areas within its business verticals.
The net proceeds from the issue shall be utilized towards acquisition of office premise at Navi Mumbai; funding capital expenditure requirements for purchase of equipment for setting up of network operating centre (NOC) and security operation centre (SOC); purchase of equipment and devices to offer devise-as-a-service (DaaS); and general corporate purposes.
Ahead of its IPO, Orient Technologies raised Rs 64.43 crore from five anchor investors by allocating them 31,27,572 shares for Rs 206 apiece. The anchor investors in the issue include names like Pine Oak Global Fund, Saint Capital Fund, SB Opportunities Fund, Elara Capital (Mauritius), and Rajasthan Global Services.
Orient Technologies offers a wide range of customized offerings and its ability to tailor solutions to meet customers' specific needs have enabled it to attract prominent clients across various industries. They serve leading public and private sector entities in diverse customer industries, such as banking, financial services, insurance (BFSI), IT, ITeS, and healthcare/pharmaceutical.
It specializes in IT infrastructure, IT-enabled services (IteS), and cloud and data management services. The clientele of the company includes Bluechip Corporate Investment Centre, Tradebulls Securities, Vasai Janata Sahakari Bank, Vasai Vikas Sahakari Bank, Integreon Managed Solutions India, Coal India, Mazagon Dock, Joint Commissioner of Sales Tax, Mumbai and D'Décor.
Orient Technologies reported a net profit of Rs 41.45 crore, with a revenue of Rs 606.86 crore for the financial year ended on March 31, 2024. The company had clocked a net profit of Rs 38.3 crore with a revenue of Rs 542.01 crore for the fiscal year 2022-23.
50 per cent for the net offer by Orient Technologies has been reserved for qualified institutional bidders, while non-institutional investors will get 15 per cent of the net offer. Retail investors will have 35 per cent of the net offer allocated for them.
Elara Capital (India) is the sole book running lead manager of the Orient Technologies IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with Wednesday, August 28 as the tentative date of listing at the bourses.
Several brokerage firms have given their ratings on the IPO of Orient Technologies. Anand Rathi Research has given a 'subscribe' rating, while StoxBox has also given a 'subscribe' rating. Arihant Capital Markets has given a 'subscribe for long-term' rating, while Master Capital Services has given a 'subscribe' rating. Swastika Investmart has given a 'subscribe with caution' rating.
Information
Orient Technologies is a fast-growing information technology (IT) solutions provider based in Mumbai. The company has developed extensive knowledge to create products and solutions for specific areas within its business verticals. Elara Capital (India) is the sole book running lead manager of the Orient Technologies IPO, while Link Intime India is the registrar for the issue.
Frequently Asked Questions
What is the price band of the Orient Technologies IPO?
The price band of the Orient Technologies IPO is Rs 195-206 apiece.
What is the minimum number of shares that can be applied for?
The minimum number of shares that can be applied for is 72 shares and its multiples thereafter.
What is the net proceeds from the issue going to be utilized for?
The net proceeds from the issue shall be utilized towards acquisition of office premise at Navi Mumbai; funding capital expenditure requirements for purchase of equipment for setting up of network operating centre (NOC) and security operation centre (SOC); purchase of equipment and devices to offer devise-as-a-service (DaaS); and general corporate purposes.
Who are the anchor investors in the issue?
The anchor investors in the issue include names like Pine Oak Global Fund, Saint Capital Fund, SB Opportunities Fund, Elara Capital (Mauritius), and Rajasthan Global Services.
What is the tentative date of listing at the bourses?
The tentative date of listing at the bourses is Wednesday, August 28.
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