Omnitech Engineering IPO Sees Modest Start on Launch Day

Omnitech Engineering Ltd's initial public offering (IPO) commenced with an 8% subscription on its launch day, with bids coming in for 15,63,738 shares against the total offer of 1,89,09,890 shares, according to NSE data.

Qualified Institutional Buyers subscribed to 13% of their quota, while non-institutional investors and Retail Individual Investors each subscribed to 6%. The firm had previously secured over Rs 174 crore from anchor investors, ahead of the Rs 583-crore public sale set to close on February 27.

The IPO involves fresh equity issuance worth up to Rs 418 crore and an Offer For Sale of shares valued at Rs 165 crore by promoter Udaykumar Arunkumar Parekh. Proceeds are earmarked for debt repayment, new facilities, and general corporate purposes. Renowned clients include Halliburton and Suzlon.