Omnitech Engineering IPO subscribed 13% on Day 2; check GMP

Omnitech Engineering IPO sees robust subscription in primary market.

• Omnitech Engineering IPO subscribed 12 percent on day two, so far.
• IPO price band set at Rs 216-227 per share.
• Proceeds to repay debt, expand facilities, and for capex.

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Omnitech Engineering initial public offering (IPO) got subscribed 13 percent on the second day of share sale. The IPO of the manufacturer of precision-engineered components, received bids for 25.03-lakh shares against 1.89-crore shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) quota received 13 percent subscription, while the category for non-institutional investors was subscribed by 11 percent. Retail Individual Investors (RIIs) portion received 13 percent subscription.

Earlier, it 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.

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Omnitech Engineering IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of up to 2 percent in the unofficial market. Investorgain quoted a GMP of Rs 3 for the shares of the company, indicating a listing gain 1.32 percent. 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.

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