Omnitech Engineering Sets IPO Price Band, Eyes Rs 583 Crore

Omnitech Engineering is setting a price band of Rs 216-227 per share for its Rs 583 crore IPO, valuing the company at over Rs 2,800 crore. Opening on February 25, the IPO will fund debt repayment, new facilities, and capital requirements. The stock market debut is slated for March 5.

Omnitech Engineering announced on Friday the price range for its Initial Public Offering (IPO), setting it between Rs 216 and Rs 227 per share for a total value of Rs 583 crore. At this upper price point, the precision-engineered component manufacturer is valued at over Rs 2,800 crore.

The company's share sale is scheduled to open on February 25 and close on February 27, with anchor investors able to bid starting February 24. The IPO comprises a new issuance of equity shares worth up to Rs 418 crore, alongside a Rs 165 crore offer for sale from promoter Udaykumar Arunkumar Parekh.

Funds raised will be used to repay debt, establish two new manufacturing facilities, and fulfill capital expenditure needs. Omnitech Engineering serves a broad clientele across various industries and will compete amongst industry peers such as Azad Engineering and MTAR Technologies. The official stock market debut is set for March 5, with Equirus Capital and ICICI Securities managing the offering.

(With inputs from agencies.)