A fantastic new listing today and very much on the expected lines, given the response it had to the IPO. Despite the lacklustre market, Orient Technologies got listed on the BSE at Rs.290 v/s IPO price of Rs.206 and is currently trading at Rs.304 levels.

The IPO had met with a very good response, with overall subscription at 151.68x, led by HNIs at 300.56x, QIBs at 189.9x and even the Retail investor portion was high at 66.82x.

Orient Technologies is a 27-year-old Mumbai-based information technology company, having 3 business units - IT Infra, ITeS, Cloud and Data Management services, accounting for 50%, 25%, 25% of Rs. 600 cr revenue respectively. Company caters to customers in BFSI, Communications, Healthcare, Government sectors, with products accounts for nearly 3/4th revenue and balance from services.

Our IPO Analysis conclusion - Inexpensive valuation makes the IPO a subscribe for the short- term. Long term outlook, however, remains to be monitored post-listing, due to small size of operations (micro-cap stock) and 21% employee attrition.