Orient Technologies IPO: GMP doubles as focus shifts to share offering

Orient Technologies continued to benefit from a strong grey market premium (GMP), following the strong auction as focus shifted to share allotment. The issue’s GMP has more than doubled since the start of the auction, driven by robust bidding and strong debuts for recently completed IPOs.

Orient Technologies shares were listed in the grey market at a price of Rs 80-82 per share, suggesting a price hike of around 40 per cent for investors. However, the share price was Rs 70 on the first and second day of the auction, while it was close to Rs 30 before the auction began.

Orient Technologies IPO Grant Status
Orient Technologies is expected to finalise the basis of allotment of its shares on Monday, August 26. Bidders will receive the messages, alerts or emails for debiting their funds or revoking their IPO mandate on or before Tuesday, August 27. The company will make its debut on Dalal Street on Wednesday, August 28.

Investors who have bid for Orient Technologies’ issue can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under Issue Type, click on Equity

3) Under the problem name, select Orient Technologies Limited from the drop-down list

4) Write the request number

5) Add PAN Card ID

6) Click on “I am not a robot” and press the search button

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar of the issue.

The Registrar is an entity registered with Sebi, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for adhering to the timeliness of updating electronic credit of shares to successful applicants, dispatching and uploading refunds and addressing all investor related queries post issue.

1) Access the Link Intime Limited web portal

2) Select the IPO/FPO in the dropbox whose name will only be filled in if the allocation is finalized

3) You may need to select one of the three modes: Application Number, Demat Account Number or PAN ID

4) In application type, choose between ASBA and non-ASBA

5) Enter the details of the mode you selected in step 2

6) For security reasons, fill in the captcha accurately

7) Click Submit.

Orient Technologies: IPO and tender procedures
Orient Technologies’ IPO was opened for bidding from August 21 to 23. The company had offered its shares in a price band of Rs 195-206 per share with a lot size of 72 shares. It raised a total of Rs 214.76 crore through its IPO, which included a fresh share sale of up to Rs 120 crore and an offer for sale (OFS) of up to 46 lakh shares.

The issue was subscribed 151.71 times in total. The portion of non-institutional investors (NIIs) was subscribed 300.70 times, while the portion of qualified institutional bidders (QIBs) was subscribed 189.90 times. The portion reserved for retail investors was subscribed 66.87 times during the three-day auction process.

About Orient Technologies
Established in 1997, Mumbai-based Orient Technologies is a fast-growing IT solutions provider. Orient Technologies offers a wide range of customized offerings and its ability to tailor its solutions to the specific needs of its clients has enabled it to attract top-tier clients across various industries.

Brokers have been mostly positive on the issue, suggesting investors to subscribe for the long term. Elara Capital (India) has acted as the sole lead manager for Orient Technologies IPO, while Link Intime India is the registrar for the issue. The company’s shares will be listed on both the BSE and NSE.