Omnitech Engineering's IPO Attracts Global Investors

Omnitech Engineering raised over Rs 174 crore from anchor investors preceding its Rs 583-crore IPO. The offering, opening February 25, entails both new shares and an Offer For Sale by the promoter, Udaykumar Arunkumar Parekh. The raised funds will aid debt repayment, manufacturing expansion, and other corporate purposes.

Omnitech Engineering, a prominent manufacturer of precision-engineered components, successfully secured over Rs 174 crore from anchor investors on Tuesday, ahead of its initial public offering (IPO). Various domestic and global investors, such as ICICI Prudential Mutual Fund and Nippon India MF, participated in this pre-sale.

The company strategically allocated 76,91,629 equity shares to anchor investors at Rs 227 per share, totaling approximately Rs 174.6 crore. With a total IPO size of Rs 583 crore, Omnitech Engineering plans to use the proceeds from the share sale to repay debts, establish new manufacturing facilities, and fulfill its capital expenditure requirements.

This IPO, managed by Equirus Capital and ICICI Securities, will debut on March 5, with a fixed price band of Rs 216 - 227 per share, valuing the firm at over Rs 2,800 crore. Omnitech will join competitors like Azad Engineering and Unimech Aerospace in the stock market.

(With inputs from agencies.)