Omnitech Engineering IPO subscribed 1.14 times on final day of bidding – Check GMP

Omnitech Engineering IPO Day 3 of subscription.

• Omnitech Engineering IPO subscribed 20 percent by Day 3
• Proceeds to repay debt, set up new plants, and for capex
• IPO allotment expected by March 2, listing on March 5

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Omnitech Engineering IPO got subscribed 1.14 times in the primary market for its Rs 583 crore issue.

The initial public offer of the manufacturer of precision-engineered components, received 1.14 times subscription on the Day 3 day of bidding on Friday. The IPO received bid for 2.16-crore shares against 1.89-crore shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) category fetched 2.86 times subscription, while Retail Individual Investors (RIIs) portion got subscribed 33 percent. Non-institutional investors quota received 73 percent subscription.

Earlier, it raised over Rs 174 crore from anchor investors. The price band has been fixed at Rs 216-227 per share.

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Omnitech Engineering IPO GMP Today Price

According to platforms tracking grey-market activity, Omnitech Engineering shares are commanding a GMP of up to 2 percent in the unregulated market. Investorgain quoted a GMP of Rs 3 for the shares of the company, indicating a listing gain of 1.32 percent. Meanwhile, IPO Watch quoted a GMP of 1.76 percent.

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.

Omnitech Engineering IPO allotment is expected by March 2, while share listing is proposed on March 5.

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