Orient Technologies initial public offerings (IPO), which opened for subscription on August 21, was subscribed over 16.96 times on the second day of bidding.
The issue received bids for 12,63,33,144 shares compared to the 74,49,846 equity shares available, within a price range of ₹195-206, according to stock exchange data.
The retail portion and non-institutional investors portion were subscribed 24.49 times and 20.97 times, respectively, while the qualified institutional buyer portion was subscribed 0.16 times. The subscription period will end on Friday, August 23.
A day before the issue opened, Orient Technologies Ltd secured ₹64.43 crores from anchor investors. The participating foreign and domestic institutions included Pine Oak Global, Saint Capital Fund, SB Opportunity Fund I, Elara Capital (Mauritius) Fund, and Rajasthan Global Securities.
Orient Technologies IPO details
The Orient Technologies IPO is a book-built issue valued at ₹214.76 crores. It includes a fresh issue of 0.58 crore shares totaling ₹120 crores and an offer for sale of 0.46 crore shares amounting to ₹94.76 crores.
The price band for the Orient Technologies IPO is set between ₹195 and ₹206 per share. Investors must apply for a minimum lot size of 72 shares, requiring a minimum investment of ₹14,832.
The allotment for the Orient Technologies IPO is anticipated to be determined on Monday, August 26. The IPO is set to be listed on the BSE and NSE, with a tentative listing date scheduled for Wednesday, August 28.
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.
Orient Technologies IPO GMP
The shares of Orient Technologies IPO is trading at a premium of ₹70 in the grey market premium, according to investorgain.com. This means that the estimated listing price of the IPO is likely to be ₹276, which is 33.98% higher than the issue price of ₹206.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.