Omkar Speciality Chemicals IPO subscribed 4.67 times

Omkar Speciality Chemicals' initial public offering has received good response from investors - especially from retail and HNIs. The issue, which closed today, was subscribed 4.67 times, as per NSE website.

It has received bids for 3.8 crore equity shares as against issue size of 81 lakh shares. Reserved portion of non-institutional and retail investors got subscribed by 5.27 times and 9.90 times, respectively. Qualified institutional buyers' portion was subscribed 0.82 times.

Company is mainly engaged in the manufacture and sale of speciality chemicals viz. selenium compounds, iodine compounds, molybdenum compounds etc. and pharma intermediates viz. Potassium Iodate, Bismuth Ammonium Citrate, Bromoform etc.

Omkar Speciality aims to raise Rs 76.95-79.38 crore through issue at price band of Rs 95-98 a share. These issue proceeds are proposed to be deployed for setting up of new manufacturing facility at Unit 4 at Badlapur, Maharashtra, with cost of Rs 32.16 crore; expansion of existing manufacturing facilities at Unit 1, Unit 2 & Unit 3 at Badlapur, Maharashtra, with Rs 14.62 crore; and working capital requirements of Rs 10 crore.