IPO Alert: Orient Technologies Shares Fetch 40% Premium Before Listing
Orient Technologies’ IPO has generated a lot of excitement in the grey market, with shares trading at about a 40% premium over the top end of the price band. The grey market is an unofficial trading platform where IPO shares are bought and sold before officially listed on the stock exchange.
This strong interest is likely due to the impressive subscription numbers for the Orient Technologies IPO, which was oversubscribed by 151.71 times from August 21 to August 23. Specifically, non-institutional investors (high net-worth individuals) oversubscribed by 300.6 times, while qualified institutional buyers and retail investors subscribed 189.9 times and 66.87 times, respectively.
The company raised approximately ₹215 crore through the IPO, which included a fresh issue of shares worth ₹120 crore and an offer-for-sale of 46 lakh shares valued at around ₹95 crore. The price range for the IPO was set between ₹195 and ₹206 per share.
The allotment of shares is expected to be finalized today, August 26. Investors who applied can check their allotment status on the Link Intime India Private Ltd. website, which is handling the registrar duties. The IPO was open for subscription from August 21 to August 23, and the final subscription rate was 151.71 times.
Retail and non-institutional investors showed strong interest in the first two days, with retail subscriptions at 66.87 times and non-institutional subscriptions at 300.60 times. Qualified institutional buyers had a subscription rate of 189.90 times.
Before the subscription period, Orient Technologies raised ₹64.43 crore from anchor investors. Each share had a face value of ₹10 and was priced between ₹195 and ₹206.
Investors can check if they’ve been allotted shares by visiting the IPO registrar’s website or the BSE and NSE platforms. If shares aren’t allocated, the refund process will start on August 27, with shares credited to successful applicants’ demat accounts on the same day.
The listing of Orient Technologies is scheduled for August 28.
To check your IPO allotment status:
- On the Registrar’s Site:
- Go to Link Intime India.
- Select the IPO from the drop-down menu.
- Enter your Application Number, Demat Account, or PAN.
- Choose ASBA or non-ASBA as the application type.
- Complete the form and captcha, then submit.
- On BSE:
- Visit the BSE allotment page.
- Choose ‘Equity’ under ‘Issue Type.’
- Select the IPO and enter your PAN or application number.
- Confirm by completing the captcha and clicking ‘Submit.’
- On NSE:
- Visit the NSE IPO allotment page.
- Register with your PAN if needed.
- Enter your username, password, and captcha code.
- Check your IPO allotment status.
The grey market premium for Orient Technologies shares is currently ₹82, indicating they are trading at a premium. This suggests the shares could list around ₹288 each, a 39.81% increase from the upper end of the IPO price band. The grey market has shown strong interest, with premiums ranging from ₹0 to ₹82 over the last 18 sessions.