Mumbai-based IT solutions provider Orient Technologies planning to launch its Initial Public Offer (IPO). The Draft Red Herring Prospectus (DRHP) has been filed with the Securities and Exchange Board of India (SEBI). Through this IPO Orient Technologies is planning to raise ₹120 crore (fresh issue) with an offer for the sale of equity shares worth 46 lakh by existing promoters. Let’s explore all the details below about Orient Technologies IPO Date, Price Band, and DRHP Details.
Orient Technologies IPO face value will be ₹10. Discussing the allocation to various categories, as per the details, 50% of the IPO size will be reserved for qualified institutional buyers. On the other side, 15% will be allotted to Non-Institutional Investors. As always, the remaining 35% of the IPO will be reserved for retail investors.
Orient Technologies IPO price band is yet to be declared by the company. There are many more details will be announced related to this IPO once the company gets approval on its DRHP. The IPO is expected to get open by the end of 2024.
The company was founded in the year 1997. Orient Technologies creates products and solutions for specialized disciplines across IT Infrastructure, IT-enabled services (IteS), and Cloud and Data Management Services. It also has notable clients such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, Vasia Janta Bank, Vasai Vikas Bank and Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai.
In the financial year 2022-23, the company has marked revenue from operations of ₹535.10 crore compared to ₹467.44 in FY22. During the same year profit after tax (PAT) surged to 14.35% which ₹38.30 crore. The details financial report are available on the official website of the company.
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