Omnitech Engineering IPO: Price band set at ₹216-227 per share; check key dates, issue details, more

The Omnitech Engineering IPO price band has been fixed in the range of ₹216 to ₹227 per equity share of the face value of ₹5. The Omnitech Engineering IPO date of subscription is scheduled for Wednesday, February 25, and will close on Friday, February 27. The allocation to anchor investors for the Omnitech Engineering IPO is scheduled to take place on Tuesday, February 24. The floor price is 43.20 times of the face value of the equity shares and the cap price is 45.40 times of the face value of the equity shares. The Omnitech Engineering IPO lot size is 66 equity shares and in multiples of 66 equity shares thereafter. Omnitech Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employee portion has been reserved up to ₹10 million. Tentatively, Omnitech Engineering IPO basis of allotment of shares will Monday, March 2 and the company will initiate refunds on Wednesday, March 4, while the shares will be credited to the demat account of allottees on the same day following refund. Omnitech Engineering share price is likely to be listed on BSE and NSE on Thursday, March 5. Omnitech Engineering IPO details Omnitech Engineering IPO includes a fresh issue of shares valued at ₹418 crore, complemented by an offer-for-sale of shares worth ₹165 crore. The offer-for-sale prominently features shares sold by the promoter and founder, Udaykumar Arunkumar Parekh. The company is strategically directing ₹233.5 crore from the fresh issue towards the establishment of two new manufacturing facilities in Rajkot. Furthermore, ₹50 crore will be allocated for repaying specific outstanding borrowings, with total indebtedness currently at ₹382.9 crore. An investment of ₹18.6 crore is designated for the purchase and installation of rooftop solar panels, while the remaining capital will be appropriated for general corporate purposes. Omnitech Engineering IPO is expertly managed by leading merchant bankers Equirus Capital and ICICI Securities, with MUFG Intime India Pvt. Ltd. serving as the registrar for the issue. (more to come)