Omnitech Engineering IPO: 21% subscribed on Day 3
Omnitech Engineering's IPO, open from Feb 25-27, has reached 21% subscription as of 12:30pm on the final day.
The offer includes ₹418 crore in new shares and ₹165 crore up for sale.
Retail investors have taken up 21%, while non-institutional buyers are at 27% and institutional buyers at 14%.
Employees seem pretty keen too, with their quota subscribed over three times.
Who are they?
Based in Gujarat, Omnitech makes high-precision parts for industries like energy, oil & gas, wind power, aerospace, and automation.
Their client list features big names like Halliburton Energy Services and Suzlon.
They're competing with companies such as Azad Engineering and PTC Industries in this space.
Key details of offer
IPO shares are expected to be allotted on March 2, with refunds or credits coming by March 4. Listing is set for March 5 on both BSE and NSE.
Money raised will go toward building two new factories, paying off debt, and handling other business needs.
Equirus Capital and ICICI Securities are managing the process.
Minimum investment? ₹14,982 for a lot of 66 shares within a price band of ₹216-₹227.