Orient Technologies Shares Surge 40 Per Cent On Stock Market Debut

Orient Technologies Shares: Company made a strong entry into the stock market on August 28, with its shares listing at Rs 288, a 40 per cent premium over the IPO allotment price of Rs 206 per share

Orient Technologies Share Price: Orient Technologies Ltd made a strong entry into the stock market on August 28, with its shares listing at Rs 288, a 40 per cent premium over the IPO allotment price of Rs 206 per share. Despite the robust debut, the listing gains fell slightly short of grey market predictions, where shares were trading at a 46 per cent premium ahead of the listing.

The company's Rs 214.7-crore public offer, which included both fresh issues and an offer for sale, attracted substantial investor interest, closing with a subscription of 151.71 times the offer size, according to stock exchange data. Investors bid for a staggering 113.02 crore equity shares, significantly outnumbering the 74.5 lakh shares available.

Non-Institutional Investors (NIIs) led the charge, with their segment subscribed 300.59 times, while Retail Individual Investors (RIIs) also showed strong enthusiasm, subscribing 66.87 times their allocated shares. Qualified Institutional Buyers (QIBs) subscribed 189.9 times the shares reserved for them.

Orient Technologies plans to use the IPO proceeds for several key initiatives, including acquiring office premises in Navi Mumbai, capital expenditures for a Network Operating Centre (NOC) and Security Operation Centre (SOC), as well as expanding its Device-as-a-Service (DaaS) offerings.

In a separate development, the National Stock Exchange (NSE) has reportedly filed for a 'no-objection certificate' (NOC) with the Securities and Exchange Board of India (SEBI) to move forward with its long-awaited initial public offering (IPO).

This move comes after the SEBI informed the Delhi High Court earlier this month that NSE had not yet submitted a new request for NOC, following a writ petition urging the regulator to expedite the process. The NSE's previous IPO application was stalled due to regulatory and legal challenges.