Shares of Orient Technologies have shown impressive performance since their listing on August 28, 2024. The stock, which initially opened at Rs 318 on the Bombay Stock Exchange (BSE), experienced a slight dip from the previous close of Rs 319.65. Despite this, it quickly rebounded, reaching an intraday high of Rs 335.60—marking a 52-week high for the company.
On its debut, Orient Technologies Ltd’s shares were offered at a premium, with an opening price of Rs 290, reflecting a 40.77 percent jump from the issue price of Rs 206. The stock surged further, reaching its upper circuit limit at Rs 304.45 by the close of trading, representing a 47.79 percent increase.
On the National Stock Exchange (NSE), Orient Technologies was listed with a premium of 39.80 percent at Rs 288. The stock ended the trading day at Rs 302.40, up 46.79 percent from its issue price.
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The company’s market valuation has soared to Rs 1,267.78 crore following the strong debut. The Initial Public Offering (IPO) was highly successful, with the issue being oversubscribed by 151.71 times on the final day of subscription. The IPO, which raised Rs 215 crore, had a price band set between Rs 195 and Rs 206 per share.
The IPO comprised a fresh issue of shares amounting to Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares, valued at Rs 95 crore at the upper end of the price band, by the company’s promoters. The proceeds from the fresh issue are earmarked for various purposes: Rs 79.65 crore for capital expenditure, Rs 10.35 crore for acquiring office premises in Navi Mumbai, and the remaining portion for general corporate needs.
Orient Technologies has established itself as a prominent player in the IT sector, specializing in IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. The company caters to a broad range of industries, including Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.
The continued surge in Orient Technologies’ shares underscores strong market confidence and investor interest, reflecting the company’s robust performance and strategic growth plans. As the stock maintains its upward trajectory, it remains a key focus for market watchers and investors.
