Schedule of Orient Technologies
| Issue open date | 21 Aug 2024 |
| Issue close date | 23 Aug 2024 |
| UPI mandate deadline | 23 Aug 2024 (5 PM) |
| Allotment finalization | 26 Aug 2024 |
| Refund initiation | 27 Aug 2024 |
| Share credit | 27 Aug 2024 |
| Listing date | 28 Aug 2024 |
| Mandate end date | 07 Sep 2024 |
| Lock-in end date for anchor investors (50%) | 26 Sep 2024 |
| Lock-in end date for anchor investors (remaining) | 26 Nov 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Orient Technologies
Incorporated in 1997, Orient Technologies is an information technology (IT) solutions provider headquartered in Mumbai, Maharashtra providing IT Infrastructure services like data center solutions and end-user computing; IT Enabled Services (IteS) like managed services, multi-vendor support services, IT Facility management services, network operations center services, security services, and renewals; and cloud and data Management services like the migration of workload from data centers to the cloud.
The company collaborates with a wide range of technology partners including Dell, Fortinet, and Nutanix for its business operations that involve technologically advanced solutions. The company’s diverse customer industries include banking, financial services, insurance (BFSI), IT, IteS, and healthcare/pharmaceuticals. Other major clients include Coal India, Mazagon Dock, Joint Commissioner of Sales Tax (GST Mahavikas), and D’Décor Exports.
Financials of Orient Technologies
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹214.76 crores |
| Fresh Issue | ₹120 crores |
| Offer for sale | ₹94.76 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital Expenditure | 79.65 (66.38%) |
| Acquisition of office premise | 10.35 (8.62%) |
| General corporate purposes | 30 (25%) |
Strengths
- Wide-ranging and diversified IT solutions and offerings: The company classifies its business into 3 verticals viz., IT Infrastructure, ITeS, and Cloud and Data Management Services. Over the years, the company has developed cloud expertise, and its scalability, domain knowledge, and partnership with technology partners are key facets to its competitive edge.
- Marquee customer base across diverse Customer Industries: The company has a long-term consistent relationship with a diverse base of customers across public and private sector entities covering diverse Customer Industries such as BFSI, IT, IteS, and healthcare/pharmaceuticals.
Risks
- Dependence on top vendors and lack of long-term contracts: The company’s top 10 vendors constitute nearly 72% of total expenses and typically do not enter into long-term contracts or arrangements with them. Any loss of such vendors/suppliers or any increase in the price will have a material adverse impact on the business and revenue.
- Negative cash flows in the past: The Company has incurred negative net cash from operating activities, investing activities, and financing activities in the past. This could adversely impact the growth prospectus if it repeats in the future.
- Reliance on top clients: The company derives nearly 38% of its revenue from the top 10 customers. Any reduction in business from these customers or any other major clients could negatively impact revenue and profitability.