New Delhi, February 20 Omnitech Engineering, a manufacturer of precision-engineered components, on Friday fixed a price band of ₹216-₹227 per share for its upcoming Initial Public Offering (IPO) worth ₹583 crore.
At the higher end, the company is valued at over ₹2,800 crore.
The company's initial share sale will open for public consumption on February 25 and conclude on February 27, while bidding for anchor investors will take place on February 24, according to a public announcement.
The IPO comprises a fresh issuance of equity shares worth up to ₹418 crore, along with an offer for sale component of equity shares valued at ₹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.
Rajkot-based Omnitech Engineering will compete with companies like Azad Engineering, Unimech Aerospace and Manufacturing, PTC Industries, Dynamatic Technologies and MTAR Technologies.
The company said that half of the issue size is reserved for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
Omnitech Engineering will make its stock market debut on March 5. The IPO is being managed by Equirus Capital and ICICI Securities.