- Omnitech Engineering raised Rs 174.6 crore from 17 anchor investors before its IPO
- 76.92 lakh shares were allotted at Rs 227 each, with ICICI Prudential getting 18.33%
- The IPO price band is Rs 216-227 per share, opening on Feb 25 and closing on Feb 27
Omnitech Engineering Ltd has raised Rs 174.6 crore from anchor investors on Tuesday, ahead of its initial public offering. The company allotted 76.92 lakh shares at Rs 227 apiece to 17 anchor investors.
ICICI Prudential Flexicap Fund got the highest allocation of 18.33%. While Nippon Life India Trustee Ltd. A/C Nippon India Small Cap Fund got the second highest allotment of 12.60%, Malabar India Fund Ltd got 10.77% stake in the company.
Five domestic mutual funds have applied through eight schemes, the company said in an exchange filing on Tuesday. They have collectively netted 54.42% of the anchor portion. ICICI Prudential, Nippon, Edelweiss and WhiteOak were among the major fund houses in this category.
The manufacturer of precision-engineered components has fixed a price band of Rs 216-227 per share for its Rs 583 crore upcoming IPO. The company's initial share sale will open for public consumption on Feb. 25 and conclude on Feb. 27, according to a public announcement.
Omnitech Engineering will make its stock market debut on March 5. The IPO is being managed by Equirus Capital, and ICICI Securities.
The IPO is a combination of 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.
Proceeds from the fresh issue will be utilised to repay debt, set up two new manufacturing facilities, fund capital expenditure requirements and general corporate purposes.
Omnitech Engineering manufactures high-precision engineered components and supplies to global customers across industries like 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.
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