Orient Technologies IPO Opens On 21 Aug To Raise Over Rs 200 Cr

The initial public offering (IPO) of Orient Technologies opened for public subscription on 21 August in an attempt to raise over Rs 200 crore from the public market. 

The Rs 214.76 crore IPO consisted of fresh issues of up to Rs 120 crore and an offer-for-sale (OFS) worth Rs 94.76 crore by promoter and investor selling shareholders. 

The price band for the issue is fixed at Rs 195 to 206 per equity share. Retail investors can bid for a maximum of 13 lots where one lot containing 72 shares requires a minimum capital of 14,832. 

The issue opened on 21 August and will be closed on 23 August. The allotment for the issue will be finalised on 26 August followed by its listing on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 28 August. 

Elara Capital is the book running lead manager and Link Intime India is the registrar to the offer. 

IPO Objectives

The net proceeds of Rs 120 crore from the fresh issue will be utilised towards acquisition of office premises. 

Additionally the funds will also be used for funding capital expenditure requirements for purchase of equipment and general corporate purposes.

Moreover, the firm will also get benefits on listing in the public market which will enhance the brand’s visibility and provide liquidity to the shareholders. 
 

Firm’s Financials

The firm registered revenue of Rs 606.86 crore in FY24, compared to Rs 542 crore in FY23. 

However, the firm’s profit after tax (PAT) decreased to Rs 41.45 crore in FY24 compared to Rs 38.3 crore in FY23. 

Overall, revenue increased by 12 per cent, whereas PAT fell 8 per cent.