Omnitech Engineering Ltd's IPO had an 8% subscription on its first day, attracting bids for 15,63,738 shares. The Rs 583-crore offering combines fresh equity issues and an Offer For Sale by promoter Udaykumar Arunkumar Parekh. The funds will be used for debt repayment, new facilities, and corporate expenses.

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Omnitech Engineering IPO Sees Modest Start on Launch Day

Omnitech Engineering Ltd's Initial Public Offering Commences

Omnitech Engineering Ltd's highly anticipated initial public offering (IPO) has kicked off with an impressive 8% subscription rate on its launch day, with a significant number of bids placed for 15,63,738 shares against the total offer of 1,89,09,890 shares, according to data from the National Stock Exchange (NSE).

Subscription Details

Qualified Institutional Buyers: 13% of their quota was subscribed
Non-Institutional Investors: 6% of the total offer was subscribed
Retail Individual Investors: 6% of the total offer was subscribed

The company had previously secured a substantial amount of over Rs 174 crore from anchor investors, ahead of the Rs 583-crore public sale set to close on February 27.

About the IPO

The IPO involves fresh equity issuance worth up to Rs 418 crore and an Offer For Sale of shares valued at Rs 165 crore by promoter Udaykumar Arunkumar Parekh.

The proceeds from the IPO are earmarked for debt repayment, new facilities, and general corporate purposes.