The company has developed deep expertise in creating solutions for IT Infrastructure, ITES and Cloud and Data Management Services.

MUMBAI, July 9 (The CONNECT) – information technology (IT) solutions provider Orient Technologies Limited has received final observation from the capital markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

The Company had filed its IPO papers with Sebi on February 20, 2024.

The IPO has a face value of Rs 10 and consists of a fresh issue of Rs 120 crore and an offer for sale of up to 4.6 million equity shares by the Promoter Selling Shareholders.

The offer for sale consists of the sale of equity shares of up to 1,150,000 by Ajay Baliram Sawant, up to 1,150,000 equity shares by Umesh Navnitlal Shah, up to 1,150,000 equity shares by Ujwal Arvind Mhatre, and up to 1,150,000 equity shares by Jayesh Manharlal Shah.

The Offer is being made through the book-building process, wherein 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, 15% of the offer for non-institutional investors, and 35% to retail individual investors.

Rs 79.65 crore from the fresh issue will be utilised for funding its capital expenditure requirements; Rs 10.35 crore for the acquisition of office premises at Navi Mumbai and the rest for general corporate purposes.

Orient Technologies commenced its business in the year 1997 and was co-founded by Ajay Baliram Sawant, Jayesh Manharlal Shah, Ujwal Arvind Mhatre, and Umesh Navnitlal Shah. Over the years, the company has developed deep expertise in creating products and solutions for specialized disciplines across IT Infrastructure, IT Enabled Services (IteS) and Cloud and Data Management Services. It collaborates with top technology companies like Dell, Fortinet, and Nutanix to offer advanced solutions tailored to meet the specific needs of their customers.

As of December 31, 2023, Orient Technologies boasted a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT), Healthcare, and Pharmaceuticals, among others.

The company has cultivated strong relationships with notable clients such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, and various banking institutions and government entities.

As of December 31, 2023, Orient Technologies’ order book stood at ₹ 92.75 crore.

Elara Capital (India) Private Limited is the sole book-running lead manager for the IPO, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.