Omnitech Engineering Ltd. initial public offering, which opened for subscription on Feb. 25, remained underbooked on its final day. Ahead of its listing next week, the grey market premium (GMP) for the IPO has declined, indicating a possible flat listing.
The Gujarat-based high-precision engineered components manufacturing company is aiming to raise nearly Rs 600 crore from the primary market this week. It comprises a fresh issue of 1.84 crore shares, amounting to Rs 418 crore, and an offer-for-sale (OFS) of 73 lakh shares, worth Rs 165 crore. The company will use proceeds from the IPO to clear debt, set up new projects, fund capex and for general corporate purposes.
The price band for the IPO is set at Rs 216 to Rs 227 per share. The share allotment status for the IPO is expected to be finalised on March 2. The company will transfer shares to the Demat accounts of successful bidders on March 4, and refunds for non-allottees will also be processed on the same day.
Shares of Omnitech Engineering are scheduled to be listed on the BSE and NSE on March 5.
IPO Subscription Status
The Omnitech Engineering IPO was subscribed 21% as of 12:30 p.m., as per BSE data.
- Qualified Institutional Buyers (QIBs): 14%
- Non Institutional Investors(NIIS): 27%
- Retail Individual Investors: 21%
- Employee Reserved: 3.15 times
Omnitech Engineering IPO GMP Today
According to InvestorGain, the latest GMP for the Omnitech Engineering IPO stood at Rs 3 on Feb. 27. This means that the unlisted shares of Omnitech were trading at Rs 230 per share in the private market, indicating a potential gain of 1.32% when the stock debuts next week.
The GMP had earlier indicated a premium of over 6% for the issue. But on the final day of subscription, the GMP has declined, indicating a premium of around 1-2%.
Note: GMP does not represent official data and is based on speculation.
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