The IPO of ORIENT TECHNOLOGIES: an eminent IT solutions provider, has created ripples in the market. The grey market has given it a whopping 40% premium. Here’s all you need to know regarding this IPO, its performance so far and what lies ahead.
First Day on Market: ORIENT TECHNOLOGIES was a remarkable success with its IPO oversubscribed at the rate of 151.71 times. This was partly driven by ultra-high net worth individuals who punched above their weight subscribing 300.60 times above the offer amount; institutional investors followed closely with 189.90 times oversubscription while retail investors took the last position at 66.87 times.
Information about the IPO and how it will be allocated: This IPO raised almost Rs 215 crore through an additional sale of new shares worth Rs 120 crores plus some old shares worth Rs 95 crores. The price range was fixed at R3 per share within margins 195-206.The process leading to allocation completion shall end on August 26th .If one wishes to verify if he/she got allocation or not, they can do so through BSE/NSE or IPO registrar's portal.
How to Check Allotment Status Online: To check the allotment, investors need to select "Equity" on the BSE website and enter their application or PAN number. On the NSE site, log in with your PAN number, enter the symbol 'ORIENT TECH,' and your application number. Alternatively, use the IPO registrar’s portal with your PAN, application number, DP/Client ID, or Account number/IFSC.
Grey Market Enthusiasm: Grey market investors are showing strong enthusiasm, trading Orient Technologies’ shares at a 40% premium over the upper price band. The grey market allows buying and selling of IPO shares unofficially before the stock's official listing, indicating strong interest and potential for substantial gains upon listing.
IPO Listing and Future Prospects: From August 28 onward, Orient Technologies’ stock will be available for trade at major Indian stock exchanges: BSE and NSE. The company is a leading player in the field of IT infrastructure solutions, cloud services and data management, bit like rivals HCL Technologies and Wipro among others. Consequently, the success of its IPO gives investors a glimpse of what it may become in terms of growth as well as prospects within this market segment.
Use of IPO Proceeds: The funds raised will be used to acquire new office premises in Navi Mumbai, set up a Network Operating Centre and Security Operation Centre, and expand its Device-as-a-Service (DaaS) offerings. A portion will also go toward general corporate expenses, positioning Orient Technologies for continued expansion and innovation.
Conclusion and Investor Outlook: Orient Technologies, incorporated in 1997, has emerged as a strong competitor in the IT solutions domain. The company is poised for growth and expansion following the impressive IPO performance. Investors are waiting for the stock market launch with bated breath, looking forward to significant profits amid all the current hype around this company