New Delhi, February 27 The initial public offer of Omnitech Engineering Ltd, a manufacturer of precision-engineered components, received 1.14 times subscription on the last day of bidding on Friday.
The Rs 583-crore IPO received bids for 2,16,31,632 shares against 1,89,09,890 shares on offer, according to data available with the NSE.
The category for Qualified Institutional Buyers (QIBs) attracted 2.86 times subscription. The portion for non-institutional investors received 73 per cent subscription, and the Retail Individual Investors (RIIs) quota got subscribed 33 per cent.
Omnitech Engineering raised over Rs 174 crore from anchor investors on Tuesday.
The price band was 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.
The 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 clients include Halliburton Energy Services, Suzlon, Oshkosh Aerotech, Weatherford, Lufkin Industries, Oilgear, Donaldson Company, PUSH Industries, and Bharat Aerospace Metals.
The IPO is managed by Equirus Capital and ICICI Securities.
