Mumbai :
Orient Technologies, a Mumbai-based IT company, is set to launch its Initial Public Offering (IPO) on August 21, with the issue closing on August 23.
The company will issue new shares worth ₹120 crore and offer 46 lakh shares for sale.
However, details like the price band, lot size, and reserved portions are yet to be disclosed.
Key Dates and Details
Important Dates:
- IPO Opening: August 21
- IPO Closing: August 23
- Share Allotment Finalization: Expected on August 26
- Listing on BSE and NSE: Anticipated on August 28
Elara Capital (India) Private Limited is the lead manager for this IPO, while Link Intime India Private Ltd will serve as the registrar.
Purpose of the IPO Funds
The proceeds from the new share issuance will be used for several purposes, including:
- Purchasing office premises in Navi Mumbai
- Meeting capital expenditure needs
- General corporate purposes
The company’s promoters, Ajay Baliram Sawant, Jayesh Manharlal Shah, Umesh Navnitlal Shah, and Ujjwal Arvind Mhatre, currently hold a 97.96% stake in Orient Technologies.
Financial Overview of Orient Technologies
Orient Technologies has shown solid financial growth.
The company’s revenue grew by 15.54% in FY 2023, reaching ₹542.01 crore, compared to ₹469.12 crore in the previous year.
Net profit also saw an increase of 14.35%, rising from ₹33.49 crore in FY 2022 to ₹38.30 crore in FY 2023.
For the April-September 2023 period, the company recorded a revenue of ₹268.17 crore and a net profit of ₹16.40 crore.
This upcoming IPO offers potential investors a chance to buy into a growing IT company with a strong financial track record.
