Share Market Update: Orient Technologies shares have continued their upward momentum following a strong debut on August 28. Initially opening in the red at Rs 318 on the BSE, slightly down from the previous close of Rs 319.65, the stock quickly rebounded, reaching an intraday high of Rs 335.60, marking a new 52-week high. Previously, the shares had closed with a nearly 48 percent premium against the issue price of Rs 206.
Orient Technologies made its stock market debut at Rs 290 on the BSE, a significant 40.77 percent increase from its issue price. The stock further surged 47.79 percent, reaching Rs 304.45, which hit the upper circuit limit. On the NSE, the stock listed with a 39.80 percent premium at Rs 288 and ended the day at Rs 302.40, reflecting a 46.79 percent increase.
The company’s market valuation currently stands at Rs 1,267.78 crore. Orient Technologies’ IPO was met with strong demand, being subscribed 151.71 times by the final day of the subscription period. The Rs 215-crore IPO was priced between Rs 195-206 per share.
The IPO comprised a fresh issue of Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares valued at Rs 95 crore at the upper price band, offered by the promoters. The funds raised from the fresh issue will be allocated towards capital expenditure requirements (Rs 79.65 crore), the acquisition of office premises in Navi Mumbai (Rs 10.35 crore), and general corporate purposes.
Over the years, Orient Technologies has built significant expertise in IT Infrastructure, IT Enabled Services (ITeS), and Cloud and Data Management Services. The company boasts a diverse client base, including public and private sector organizations in industries such as Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.
