MUMBAI, 16 AUGUST, 2024 (TGN): Mumbai based IT solutions provider Orient Technologies Limited, has fixed the price band of ₹195/- to ₹206/- per Equity Share of face value ₹10/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, August 21, 2024, for subscription and close on Friday, August 23, 2024. Investors can bid for a minimum of 72 Equity Shares and in multiples of 72 Equity Shares thereafter.
The IPO consists of fresh issue of up to Rs 120 crore and an offer for sale (OFS) of up to 4,600,000 equity shares by Promoter Selling Shareholders.
The proceeds from its fresh issuance to the extent of Rs 10.35 crore will be used for acquisition of office premise at Navi Mumbai, Rs 79.65 crore for funding its Capital Expenditure requirements and general corporate purposes.
Orient Technologies was incorporated in the year 1997. Over the years It has built deep expertise to develop products and solutions for specialised disciplines across its business verticals, such as IT Infrastructure Products and solutions; IT Enabled Services (IteS); and Cloud and Data Management Services.
The Company’s business operations involve technologically advanced solutions for which it has to collaborate with a wide range of technology partners including Dell International Services India Private Limited (Dell) and Fortinet, Inc. (Fortinet) and Nutanix Netherlands B.V. (Nutanix).
The Mumbai based company has established a strong relationship with marquee customers such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, VJS Bank, VKS Bank, and Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai.
As of June 30, 2024, Orient Technologies’ Order Book stood at ₹ 101.20 crore.
Orient Technologies Limited’s revenue from operations during the fiscal year 2024 increased to Rs 602.89 crore from Rs 535.10 crore in the previous year, primarily due to an increase in revenue from Cloud and Data Management Services, and ITeS. Profit after tax increased by 8.22% from ₹38.30 crore in Fiscal 2023 to ₹ 41.45 crore in Fiscal 2024.
Elara Capital (India) Private Limited is the sole the book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the net offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.
Note:
Issue Size of the IPO based on the upper and lower end of the price band
| Fresh | OFS (46,00,000 equity shares) | Total | |
| Lower Band (@Rs 195) | Rs 120 crore | Rs 89.70 crore | Rs 209.70 crore |
| Upper Band (@Rs 206) | Rs 120 crore | Rs 94.76 crore | Rs 214.76 crore |
RHP Link: https://elaracapital.com/wp-
