Himalaya Harbinger, Rudrapur Bureau
Orient Technologies Ltd shares made a robust stock market debut on 28 August, listing at Rs 288 with a premium of 40 percent over the IPO allotment price of Rs 206 per share.
The listing gains marginally missed grey market estimates where shares of the company were trading at a premium of about 46 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
Orient Tech’s Rs 214.7-crore public offer, comprising both fresh issue and an offer for sale, saw strong demand on the final day of bidding, reaching 151.71 times subscription, stock exchange data showed.
Investors submitted bids for 113.02 crore equity shares, far surpassing the offer size of 74.5 lakh shares. Non-Institutional Investors (NIIs) dominated the scene, with their segment subscribed 300.59 times. Retail Individual Investors (RIIs) also demonstrated strong interest, subscribing 66.87 times their allotted quota. Meanwhile, Qualified Institutional Buyers (QIBs) subscribed 189.9 times the shares reserved for them.
The company plans to utilise the Net Proceeds for several objectives, including acquiring office premises at Navi Mumbai. Additionally, the funds will support capital expenditure requirements, including the purchase of equipment for establishing a Network Operating Centre (NOC) and Security Operation Centre (SOC) at the Navi Mumbai Property, as well as acquiring equipment and devices for offering Device-as-a-Service (DaaS) and general corporate purposes.
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