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IPO

Orient Tech’s IPO subscribed 151X

MoneyControl  

The initial public offering (IPO) of Orient Technologies, a Mumbai-headquartered IT solutions provider, has clocked 151.71 times subscription. Investors placed bids for 113.02 crore equity shares, exceeding the offer size of 74.5 lakh shares.Non-Institutional Investors (NIIs)’ portion was subscribed 300.59 times. Retail Individual Investors (RIIs) subscribed to 66.87 times their allotted quota. Qualified Institutional Buyers (QIBs) subscribed to 189.9 times the shares reserved for them.The INR 214.76 crore consists of a fresh issue of 58 lakh shares, amounting to INR 120 crore, and an offer for sale of 46 lakh shares, totalling INR 94.8 crore. The price band was set between INR 195-206 per share. Elara Capital (India) Pvt Ltd is the lead manager for the issue,Ahead of the IPO, the company had raised INR 64.4 crore from anchor investors on August 19.