New Delhi, February 25 The initial public offering of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, was subscribed to 8 per cent on Wednesday, the first day of bidding.
The IPO received bids for 15,63,738 shares against 1,89,09,890 shares on offer, according to NSE data.
Qualified Institutional Buyers (QIBs) received 13 per cent subscription, while the category for non-institutional investors was subscribed to 6 per cent. Retail Individual Investors (RIIs) received 6 per cent subscription.
Omnitech Engineering raised over Rs 174 crore from anchor investors on Tuesday.
The company's initial share sale of Rs 583 crore 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.
The IPO comprises a 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 used to repay debt, set up two new manufacturing facilities, fund capital expenditure requirements, and for general corporate purposes.
Omnitech Engineering manufactures high-precision engineered components and supplies to global customers across industries such as 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 being managed by Equirus Capital and ICICI Securities.