Omkar Speciality IPO subscribed 0.96 times

Omkar Speciality Chemicals' initial public offering, which closes January 27, has received good response on day one; has been subscribed 0.96 times so far, as per data available on NSE website.

Non-institutional and retail investors supported the issue with their reserved portion got subscribed by 1.68 times and 2.03 times, respectively. The company is offering 81 lakh equity shares through issue and has fixed price band at Rs 95-98 per equity share for the issue. Omkar Speciality hopes to raise Rs 76.95-79.38 crore through issue, which 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. 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.