Omnitech Engineering IPO gets subscribed 1.14 times

New Delhi, Feb 27 (PTI) The initial public offer of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, received 1.14 times subscription on the last day of bidding on Friday. The Rs 583-crore IPO got bids for 2,16,31,632 shares against 1,89,09,890 shares on offer, as per data available with the NSE. The category meant for Qualified Institutional Buyers (QIBs) attracted 2.86 times subscription. The portion for non-institutional investors received 73 per cent subscription and Retail Individual Investors (RIIs) quota got subscribed 33 per cent. Omnitech Engineering on Tuesday raised over Rs 174 crore from anchor investors. The price band was 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 managed by Equirus Capital and ICICI Securities. PTI SUM SUM MR