Orient Tech shares hit 5% upper circuit on BSE; up 48% from IPO price

Orient Technologies shares listed at Rs 290 on the BSE, reflecting a 40.77 per cent premium over the upper end of its issue price of Rs 206

Orient Technologies IPO listing today: Shares of leading IT solutions provider Orient Technologies rallied 5 per cent from the listing price, and 47.79 per cent above the IPO issue price to hit the upper circuit of Rs 304.45, posting a stellar debut on Wednesday.  

Earlier today, Orient Tech shares listed at  Rs 290 on the BSE, reflecting a 40.77 per cent premium over the upper end of its issue price of  Rs 206. While on the NSE, Orient Technologies shares opened at Rs 288, resulting in a 39.80 per cent premium over the issue price.

Accordingly, the investors saw a return of  Rs 84 per share post-listing, delivering 40 per cent gains.

"Shivani Nyati, Head of Wealth at Swastika Investmart, said, "The substantial oversubscription and impressive listing gain demonstrate strong investor confidence in Orient Technologies' future prospects. The company's long track record and diverse clientele solidify its market position. Consistent financial growth and a healthy balance sheet further enhance investor appeal."

Nyati believes that Orient Technologies' listing is a testament to its strong fundamentals and positive market outlook. "However, investors should remain cautious about potential challenges such as industry competition and reliance on key clients. Investors are advised to hold their shares with a stop-loss at Rs 270," she added."

 

Ahead of its debut on the stock exchanges, Orient Tech shares were trading at a premium of  Rs 95, or 46 per cent, in the grey market, signalling strong listing gains for investors.

The public issue, which closed on Friday, August 23, 2024, received a massive response from investors, getting subscribed a whopping 154.84 times by the final day of subscription. The non-institutional investors led the charge, bidding 310.03 times, followed by qualified institutional buyers (QIBs) at 188.79 times, and retail investors at 68.93 times.
 

Brokerages including Anand Rathi Research, Geojit, Swastika Investmart, and Mastertrust have shared a broadly positive outlook on the public issue of Orient Technologies IPO for investors. READ MORE

The public issue was offered at a price band of Rs 195-206 per share, with a lot size of 72 shares. The Orient Tech IPO comprised a fresh issue of 5,825,243 shares, and an offer for sale where the company's promoters and investors offloaded 4,600,000 equity shares with a face value of  Rs 10 per share. The basis of allotment for Orient Tech IPO shares was finalised on Monday, August 26, 2024.

About Orient Technologies 

Incorporated on July 4, 1997, Orient Technologies offers a wide range of diversified products and services, classifying their business into three verticals: IT Infrastructure, IT Enabled Services (ITeS), and Cloud and Data Management Services.