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The initial public offering of Omkar Speciality Chemicals, which closed on Thursday, was subscribed 4.67 times. It received bids for 3.77 crore shares against the 81 lakh shares on offer.
It received overwhelming response from both retail and high net worth investors. The retail portion was subscribed 9.9 times and HNI by 5.27 times. The institutional portion was not fully subscribed. It received bids for 33.2 lakh shares against the 40.5 lakh shares on offer to them.
The price band of the IPO was fixed at Rs 95-98 a share. Ratings agency CARE had assigned an “IPO Grade 3” to the company's IPO, indicating average fundamentals.
IPO proceeds
The company intends to use funds from the IPO to set up a new manufacturing facility at Badlapur in Maharashtra, expansion of its existing manufacturing facilities.
Almondz Global Securities Ltd is the sole book running lead manager of the issue.
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