Orient Technologies: IPO Fund Use Deviation for Q1 FY27
Orient Technologies Ltd has filed a Statement of Deviation and Variation for the quarter ended June 30, 2026, concerning the utilization of its Initial Public Offer (IPO) proceeds. The company raised ₹214.76 crore through its IPO on August 28, 2024, comprising a fresh issue of ₹120 crore and an offer for sale of ₹94.76 crore. While the filing states there is no material deviation, the detailed breakdown shows a variance in the allocation for funding capital expenditure requirements and issue expenses. Specifically, ₹45.05 crore was used for capital expenditure against an original allocation of ₹79.65 crore, and ₹7.76 crore for issue expenses against ₹12.07 crore. The acquisition of office premises at Navi Mumbai utilized ₹10.35 crore as per the original allocation, and general corporate purposes utilized ₹17.93 crore as per the original allocation. The total funds utilized amounted to ₹81.09 crore.
Key Highlights
- IPO proceeds utilization statement filed for Q1 FY27.
- Total IPO funds raised were ₹214.76 crore.
- Capital expenditure allocation saw a reduction in utilization.
- Issue expenses were utilized at a lower amount than initially planned.
- No material deviation reported as per the company.
Price Impact
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