Omnitech Engineering IPO gets subscribed 13 pc on Day 2

New Delhi, Feb 26 (PTI) The initial public offer of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, received 13 per cent subscription on the second day of bidding on Thursday.

The IPO received bid for 24,94,866 shares against 1,89,09,890 shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) category fetched 13 per cent subscription, while Retail Individual Investors (RIIs) portion got subscribed 13 per cent. Non-institutional investors quota received 11 per cent subscription.

Omnitech Engineering on Tuesday raised over Rs 174 crore from anchor investors.

The company's Rs 583-crore initial share sale will conclude on February 27.

The price band has been fixed at Rs 216-227 per share, valuing the company at over Rs 2,800 crore.

The IPO is a combination of fresh issuance of equity shares worth up to Rs 418 crore and an Offer For Sale component of equity shares valued at Rs 165 crore by promoter Udaykumar Arunkumar Parekh.

Proceeds from the fresh issue will be utilised to repay debt, set up two new manufacturing facilities, fund capital expenditure requirements and general corporate purposes.

Omnitech Engineering manufactures high-precision engineered components and supplies to global customers across industries like energy, motion control & automation, industrial equipment systems, and other diversified industrial applications.

Its clientele includes Halliburton Energy Services, Suzlon, Oshkosh Aerotech, Weatherford, Lufkin Industries, Oilgear, Donaldson Company, PUSH Industries and Bharat Aerospace Metals.

The IPO is being managed by Equirus Capital and ICICI Securities. PTI SUM SUM ANU ANU