New Delhi, March 5 Shares of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, listed on Thursday with a 11 per cent discount against the issue price of Rs 227.
The stock began trading at Rs 205, down 9.69 per cent from the issue price on the BSE.
At the NSE, it began trading at Rs 202, registering a 11 per cent decline.
The company's market valuation stood at Rs 2,629.76 crore.
The initial public offer of Omnitech Engineering Ltd received 1.14 times subscription on the last day of bidding on Friday.
The Rs 583-crore IPO had a price band of Rs 216-227 per share.
The IPO consisted 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 Arun Kumar 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.
