Orient Technologies Files DRHP for IPO, Aims to Raise Funds for Growth
Mumbai-based Orient Technologies Limited, a prominent information technology (IT) solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
The IPO comprises a face value of Rs 10 and includes 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 includes the sale of equity shares by Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.
The funds raised from the fresh issue will primarily be used for funding capital expenditure requirements, acquiring office premises at Navi Mumbai, and for general corporate purposes.
Established in 1997, Orient Technologies has developed expertise in creating products and solutions for specialized disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. The company collaborates with leading technology companies like Dell, Fortinet, and Nutanix to offer tailored solutions to its customers.
The company boasts a diverse clientele across public and private sectors, including industries such as Banking, Financial Services, Insurance (BFSI), Information Technology (IT), IteS, Healthcare, and Pharmaceuticals.
Orient Technologies’ IT Infrastructure segment, which includes Data Centre Solutions and End-User Computing, has been the largest revenue-generating segment, growing at a CAGR of 58.60% between fiscal 2021 and fiscal 2023. The company has also expanded its offerings in cybersecurity solutions and recently ventured into ‘Device as a service (DaaS)’.
In the ITeS segment, Orient Technologies offers Managed Services, IT Facility Management, Security Services, and more, supported by a skilled workforce. The company’s Cloud and Data Management Services include data analytics, business analytics, RPA, IoT, DevOps, and containerization, offered on a subscription basis.
As of December 31, 2023, Orient Technologies’ order book stood at ₹92.75 crore. The company primarily operates in India and has sales and services offices in several cities across the country, as well as a branch office in Singapore.
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.
