Orient Technologies Ltd. to Launch IPO on 21st August

Orient Technologies Limited, a prominent IT solutions provider headquartered in Mumbai, is set to launch its Initial Public Offering (IPO) from August 21 to August 23, 2024. The IPO aims to raise Rs. 214.76 crores through a combination of fresh issues and an offer for sale. With a focus on expanding its operations and securing new assets, the company has laid out clear objectives for the utilization of the funds.

IPO Details and Investment Opportunities

The Orient Technologies IPO is a book-built issue with a total size of Rs. 214.76 crores. It consists of a fresh issue of 0.58 crore shares, amounting to Rs. 120 crore, and an offer for sale of 0.46 crore shares, aggregating to Rs. 94.76 crore. The price band for the shares is set between Rs. 195 and Rs. 206 per share.

The IPO will open for subscription on August 21, 2024, and close on August 23, 2024. The allotment is expected to be finalized by August 26, 2024, with a tentative listing on the BSE and NSE on August 28, 2024. Elara Capital (India) Private Limited is serving as the book-running lead manager for this IPO, while Link Intime India Private Ltd is the registrar.

Company Background

Incorporated in July 1997, Orient Technologies has steadily grown into a key player in the IT solutions space. Headquartered in Mumbai, Maharashtra, the company has developed specialized products and solutions across its business verticals, making it a preferred choice for a wide range of clients. With its upcoming IPO, Orient Technologies aims to solidify its market position further and expand its service offerings.

Objectives of the Issue

The net proceeds from the Orient Technologies IPO will be utilized for the acquisition of office premises at Plutonium Business Park, Turbhe MIDC, Navi Mumbai, to support the company’s expansion. Additionally, funds will be directed towards capital expenditure, including the purchase of equipment for setting up a Network Operating Centre (NOC) and a Security Operation Centre (SOC) at the Navi Mumbai property, as well as acquiring equipment and devices for the company’s Device-as-a-Service (DaaS) offering. A portion of the proceeds will also be allocated for general corporate purposes.

Conclusion: 

Orient Technologies’ IPO offers an exciting opportunity for investors looking to participate in the growth of a dynamic IT solutions provider. With a clear strategy for utilizing the funds raised, the company is well-positioned to expand its infrastructure and services, enhancing its market presence. The IPO not only marks a significant milestone in the company’s journey but also opens up new avenues for its future growth.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.