Aug 20, 2024
By: Sourabh Jain
Credit: Orient Technologies
Mumbai-based Orient Technologies’s initial public offering (IPO) is now open and will close on Friday, August 23.
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Orient Technologies has fixed a price band of ₹195-₹206 per share for its public issue.
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Orient Technologies is a Mumbai-based information technology (IT) solutions provider.
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Orient Technologies is looking to raise ₹214.76 crore from the current IPO. This includes a fresh issue of ₹120 crore and an offer for sale (OFS) component of ₹94.76 crore.
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Investors can bid for a minimum of 72shares and in multiples of 72 shares thereafter.
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The company was founded in 1997 and its clients include Mazagon Dock Shipbuilders, Joint Commissioner of Sales Tax and more. The company’s offices are spread across cities like Mumbai, New Delhi, Bengaluru, Chennai and more.
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The company’s income was ₹606.86 crore in FY24, up from ₹542.01 crore in FY23. The company reported a profit of ₹41.45 crore in FY24, up from ₹38.3 crore profit reported in FY23.
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The company is heavily dependent on its top customers, and any changes in these customers may have an adverse impact on the company.
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The funds from the issue will be used to acquire office premises at Navi Mumbai, funding capital expenditure requirements and general corporate purposes.
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