Omnitech Engineering IPO shares listing today: Latest GMP signals another weak D St debut

Shares of Omnitech Engineering are set to make their Dalal Street debut on Thursday, March 05 and the engineering solutions player is likely to list on a muted note at the bourses, considering its weak bidding, dampened market sentiments and a series of weak listings of recently concluded IPOs. Even the grey market premium is also hinting at listing.

Ahead of its debut, the grey market premium (GMP) of Omnitech Engineering has been giving mixed signals. Last heard, the company was commanding a no grey market premium, suggesting a muted listing for the investors. However, the stock was trading at a discount of Rs 10 apiece in the grey market a couple of days ago.

The IPO of Omnitech Engineering was sold between February 25 and February 27. It offered its shares in the price band of Rs 216-227 per share with a lot size of 66 shares. The company raised a total of Rs 583 crore from its IPO, which included a fresh share sale of Rs 418 crore and an offer-for-sale (OFS) of up to 72,68,722 equity shares worth Rs 165 crore.

The issue was overall booked subscribed 1.14 times, attracting bids worth over Rs 490 crore via nearly 38,000 applications. The portion for qualified institutional bidders (QIBs) was booked 2.86 times. However, the quotas for non-institutional investors (NIIs) and retail investors were under-subscribed at 73 per cent and 33 per cent, respectively.

Rajkot-based Omnitech Engineering is a manufacturing and engineering solutions company, specializing in providing precision-engineered components, turnkey industrial automation solutions, and customized mechanical systems for various industries. It is known for expertise in mechanical design, fabrication, assembly, and integration of high-performance equipment.

Brokerage firms were mostly positive on the issue, suggesting to subscribe to it for long-term. Equirus Capital and ICICI Securities were the book running lead managers of Omnitech Engineering IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.