Orient Technologies' Rs 215 cr IPO to open on Aug 21

New Delhi: Orient Technologies Ltd, a provider of information technology solutions, announced on Friday that it has set a price range of Rs 195-206 per share for its Rs 215-crore initial public offering. The company announced that the public subscription for the initial share sale will begin on August 21 and end on August 23. The IPO consists of a new issuance of Rs 120 crore and a sale of up to 46 lakh equity shares worth Rs 95 crore, at the higher end of the price range, by the founders. This combines the transaction amount to Rs 215 crore.

Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah are selling their shares in the OFS. The Rs 79.65 crore raised from the new offering will finance capital expenses, Rs 10.35 crore will go towards purchasing office space in Navi Mumbai, and the rest will be allocated for general corporate needs. Investors have the option to place bids for at least 72 equity shares and can increase in increments of that amount.

Over time, the company has gained extensive knowledge in developing products and solutions for specific sectors within IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.      

Orient Technologies serves a varied customer base from public and private sectors, such as Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.

Some of its clients include Coal India, Mazagon Dock, D'Decor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls. The company's main operations are based in India, with sales and services offices located in various cities such as Navi Mumbai, Pune, Ahmedabad, New Delhi, Bengaluru, and Chennai. Moreover, there is also a satellite office located in Singapore. As of June 30, 2024, Orient Technologies had an order book worth Rs 101.20 crore.

In the fiscal year 2024, Orient Technologies saw a rise in revenue from operations to Rs 602.89 crore from Rs 535.10 crore in the prior year, while profit after tax also increased to Rs 41.45 crore from Rs 38.30 crore in fiscal 2023. Elara Capital (India) Pvt Ltd is the only book-running lead manager for the initial public offering (IPO). It is planned to have the equity shares listed on the BSE and NSE.