Mumbai-based IT solutions provider Orient Technologies Ltd. has announced its initial public offering (IPO), setting the price band at ₹195-206 per equity share. The IPO will open for subscription on August 21, 2024, and close on August 23, 2024.
The issue consists of a fresh issue of up to ₹120 crore and an offer for sale (OFS) of up to 4,600,000 equity shares by promoter selling shareholders. Proceeds from the fresh issue will be used for acquiring an office premise in Navi Mumbai, funding capital expenditure requirements, and general corporate purposes.
Orient Technologies, established in 1997, has built expertise in developing products and solutions for specialized disciplines across its business verticals, including IT infrastructure products and solutions, IT-enabled services, and cloud and data management services. The company has established strong relationships with marquee customers and has an order book of ₹101.20 crore as of June 30, 2024.
The company’s revenue from operations increased to ₹602.89 crore in fiscal 2024 from ₹535.10 crore in the previous year, primarily due to growth in cloud and data management services and IT-enabled services. Profit after tax increased by 8.22% to ₹41.45 crore in fiscal 2024.
Elara Capital (India) Private Limited is the sole book running lead manager, and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
