Omnitech Engineering to float Rs 583 cr IPO on Feb 25

Omnitech Engineering, a precision-engineered components manufacturer, has announced its Initial Public Offering (IPO) worth Rs 583 crore, set to launch on February 25 and close on February 27. The price band for shares is fixed at Rs 216-227, positioning the company’s valuation at over Rs 2,800 crore. This IPO consists of a fresh issuance of equity shares valued at Rs 418 crore and an offer for sale of Rs 165 crore by promoter Udaykumar Arunkumar Parekh. The proceeds from the fresh issue will be directed towards debt repayment, establishing two new manufacturing facilities, and general corporate purposes. Omnitech serves a diverse clientele, including global firms in energy, motion control, and aerospace sectors, such as Halliburton and Suzlon. The IPO will reserve 50% of the shares for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors. Omnitech Engineering's stock is expected to debut on March 5, with the IPO managed by Equirus Capital and ICICI Securities, placing the company in competition with notable industry players like Azad Engineering and MTAR Technologies.