The recent IPO of IT sector company Orient Technologies has given investors a good return. Today, on Wednesday, the company’s shares were listed on the market with a premium of more than 40 percent, due to which the investors who invested in it earned more than 6 thousand rupees within a week.
This is how much the IPO investors earned
Orient Technologies’ share was listed on BSE at Rs 290 with a 40.78 percent premium. On the other hand, the share was listed on NSE at Rs 288 with a 39.80 percent premium. The company had fixed a price band of Rs 195-206 in the IPO. One lot of the company’s IPO included 72 shares. That is, investors needed at least Rs 14,832 to place a bid. After the BSE listing, the price of one lot has increased to Rs 20,880. That is, the IPO investors have earned Rs 6,048 on each lot.
Such a big IPO was brought last week
Orient Technologies is an IT solution provider company headquartered in Mumbai. The company provides many IT enabled services including data center solutions, end user computing. The company also provides cloud and data management services. The company’s Rs 214.76 crore IPO opened on August 21 and was open for subscription till August 23. The IPO included a fresh issue of Rs 120 crore and an offer for sale of Rs 94.76 crore.
The IPO was subscribed tremendously
This IT IPO has received a bumper response from investors in the stock market. The IPO has received 188.79 times bids in the QIB category, while the NII category has been subscribed 310.33 times. Retail investors have subscribed their category 68.93 times. In this way, the IPO has been successful in getting an overall subscription of 154.84 times.
IPO money used for these works
Orient Technologies had stated in its IPO draft that it is going to use the money raised from the issue for various purposes. The first objective of the company is to open new offices in Navi Mumbai. The company is also going to spend money on purchasing equipment to provide device-as-a-software services, including network operating centers and security operation centers. The remaining amount is planned to be used to meet general corporate needs.
Also read: Now the decades-long wait for NSE’s IPO may end, applied afresh for NOC with SEBI
