Orient Technologies shares list at 41% premium over issue price
Orient Technologies debuted at the bourses on Wednesday with a premium of 40.8%. The stock listed at Rs 290 on BSE as against an issue price of Rs 206.
Meanwhile, the shares were listed with gains of 39.8% at Rs 288 on the NSE.
Ahead of the listing, the company's shares commanded a GMP of Rs 94.
The IPO of Orient Technologies received a strong response from investors with a subscription of 152x at close, driven by heavy bidding from non-institutional investors on the last day.
The proceeds from the fresh issue for funding its capital expenditure requirements, acquisition of office premises at Navi Mumbai and general corporate purposes.
Over the years, Orient Tech has developed deep expertise in creating products and solutions for specialized disciplines across IT infrastructure, IT enabled services (IteS) and cloud and data management services.
It collaborates with top technology companies like Dell, Fortinet, and Nutanix to offer advanced solutions tailored to meet the specific needs of their customers.
The product and services offered by Orient Technologies, within IT Infrastructure, comprises Data Centre Solutions and End-User Computing.
The IT Infrastructure segment has a track record of being the longest operational business segment and also the largest revenue generating segment. It has added new products making it a broad-based offering, and growing at a CAGR of 58.60% between fiscal 2021 and fiscal 2023.
In FY24, the company's revenue from operations increased 12% year-on-year to Rs 603 crore, while
