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Precision components maker Omnitech’s IPO subscribed 1.14 times

MoneyControl   Omnitech  

The initial public offer of Rajkot, Gujarat-based Omnitech Engineering, a manufacturer of precision-engineered components, received 1.14 times subscription. The IPO received bids for 2.16 crore shares against 1.89 crore shares on offer.The Qualified Institutional Buyers (QIBs) category fetched 2.86 times subscription, while the Retail Individual Investors (RIIs) portion got subscribed 33%. The non-institutional investors' quota received 73% subscription. Earlier, the firm raised over INR 174 crore from anchor investors. The price band has been fixed at INR 216-227 per share.Omnitech 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.The firm’s clients include Halliburton Energy Services, Suzlon, Oshkosh Aerotech, Weatherford, Lufkin Industries, Oilgear, Donaldson Company, PUSH Industries and Bharat Aerospace Metals.