New Delhi, February 26 The initial public offer of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, received a 13 per cent subscription on the second day of bidding on Thursday.
The IPO received bids for 24,94,866 shares against 1,89,09,890 shares on offer, according to NSE data.
The Qualified Institutional Buyers (QIB) category received a 13 per cent subscription, while the Retail Individual Investors (RII) portion received a 13 per cent subscription. The non-institutional investors quota received an 11 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 set at Rs 216-227 per share, valuing the company at over Rs 2,800 crore.
The IPO consists of 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 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 being managed by Equirus Capital and ICICI Securities.
