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Orient Technologies IPO is a book-built issue of Rs 214.76 crores. The issue is a combination of a fresh issue of 0.58 crore shares aggregating to Rs 120.00 crores and an offer for sale of 0.46 crore shares aggregating to Rs 94.76 crores.
The IPO opens for subscription on August 21, 2024, and closes on August 23, 2024. The price band for the IPO is set at ₹195 to ₹206 per share and the minimum lot size for an application is 72 Shares.
Company Summary
Incorporated in July 1997, Orient Technologies Limited is a fast-growing information technology (IT) solutions provider headquartered in Mumbai, Maharashtra. The company has developed extensive knowledge to create products and solutions for specific areas within its business verticals and the areas are outlined below:
IT Infrastructure: Products and solutions include Data Centre Solutions and End-User Computing;
IT Enabled Services (IteS): Services include Managed Services, Multi-Vendor Support Services, IT Facility Management Services, Network Operations Centre Services, Security Services, and Renewals; and
Cloud and Data Management Services: Services include migration of workload from data centers to the cloud.
The clientele of the company includes Bluechip Corporate Investment Centre Private Limited (Bluechip), Tradebulls Securities Private Limited (Tradebulls), Vasai Janata Sahakari Bank Limited (VJS Bank), and Vasai Vikas Sahakari Bank Limited (VKS Bank), Integreon Managed Solutions India Private Limited (Integreon), Coal India Limited (Coal India), Mazagon Dock Shipbuilders Limited (Mazagon Dock), Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai and D’Décor Exports Private Limited (D’Décor).
The company’s corporate office is in Mumbai, Maharashtra, and sales and services offices are located in various cities in India, such as Navi Mumbai and Pune in Maharashtra, Ahmedabad, Gujarat, New Delhi, Bengaluru, Karnataka, and Chennai, Tamil Nadu. The company has 1,482 permanent employees as of June 30, 2024.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 311.14 | 215.25 | 176.32 | 112.45 |
| Revenue | 606.86 | 542.01 | 469.12 | 248.96 |
| Profit After Tax | 41.45 | 38.3 | 33.49 | 0.13 |
| Net Worth | 175.31 | 128.82 | 94.11 | 61.29 |
| Reserves and Surplus | 138.79 | 111.32 | 76.61 | 44.79 |
| Total Borrowing | 4.82 | 12.86 | 2.28 | 9.22 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the Net Proceeds towards the following objects
- Acquisition of office premise at Navi Mumbai situated at units no 1201, 1202, 1203, and 1204, respectively which are situated at Plutonium Business Park, Trans-Thana Creek Industrial Area, Turbhe MIDC, District Thane, Navi Mumbai (collectively, Navi Mumbai Property).
- Funding capital expenditure requirements for:
I. Purchase of equipment for setting up of Network Operating Centre (NOC) and Security Operation Centre (SOC) at Navi Mumbai Property.
ii. Purchase of equipment and devices to offer Devise-as-a-Service (DaaS)offering.(collectively, Capital Expenditure). - General corporate purposes.
Promoters of the Company: Ajay Baliram Sawant, Jayesh Manharlal Shah, Umesh Navnitlal Shah, and Ujwal Arvind Mhatre are the promoters of the company.
IPO details
| IPO Date | August 21, 2024 to August 23, 2024 |
| Listing Date | Wednesday, August 28, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹195 to ₹206 per share |
| Lot Size | 72 Shares |
| Total Issue Size | 10,425,243 shares (aggregating up to ₹214.76 Cr) |
| Fresh Issue | 5,825,243 shares (aggregating up to ₹120.00 Cr) |
| Offer for Sale | 4,600,000 shares of ₹10 (aggregating up to ₹94.76 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 72 | ₹14,832 |
| Retail(Max) | 13 | 936 | ₹192,816 |
| S-HNI (Min) | 14 | 1,008 | ₹207,648 |
| S-HNI (Max) | 67 | 4,824 | ₹993,744 |
| B-HNI (Min) | 68 | 4,896 | ₹1,008,576 |
Allotment Schedule
| Basis of Allotment | Monday, August 26, 2024 |
| Initiation of Refunds | Tuesday, August 27, 2024 |
| The credit of Shares to Demat | Tuesday, August 27, 2024 |
| Listing Date | Wednesday, August 28, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 23, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
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