Orient Technologies IPO opens for subscription. Should you bid?
IPO) of Orient Technologies has opened for subscription today. Ahead of the issue opening, the company raised Rs 64 crore from anchor investors.
The issue, which closes on August 23, includes a fresh equity sale of Rs 120 crore and an offer for sale (OFS) of 46 lakh shares. Under the OFS, promoters Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre and Jayes Manharlal will be offloading their part stakes.
The proceeds from the fresh issue for funding its capital expenditure requirements, acquisition of office premises at Navi Mumbai and general corporate purposes.
Orient Technologies GMP
In the unlisted market, the company's shares are trading with a premium GMP of Rs 55, which indicates a premium of 27% to the issue price.
Orient Technologies IPO review
Analysts advised investors to subscribe to the IPO as it is fairly priced. valued at P/E of 20.7x.
«The company's business operations involve technologically advanced solutions for which the company collaborates with a wide range of technology partners including Dell, Fortinet and Nutanix. On the valuation front, we believe that the company is fairly priced,» said Anand Rathi while recommending a subscribe.
Also Read: Unimech Aerospace, Manjushree Technopack file draft IPO papers with Sebi
Orient Technologies IPO price band
The company has priced the IPO in the range of Rs 195-206 apiece and at the upper end, it plans to raise Rs 215 crore through the issue.
Other details
Over the years, Orient Tech has developed deep expertise in
