Omkar Speciality Chemicals IPO to open on Jan 24

Omkar Speciality Chemicals' initial public offer (IPO), through which it expects to mop-up over Rs 79 crore, will open for subscription on January 24.

The company, mainly engaged in the manufacture and sale of specialty chemicals, "is entering the capital market on January 24, 2011 with its IPO", Omkar Speciality Chemicals' said in a statement today.

The IPO will be launched on January 24 and closes on January 27.

The firm is entering the primary market with 81 lakh equity shares of Rs 10 each.

Omkar Speciality Chemicals, which has fixed a price band of Rs 95 to 98, expects to raise funds in the range of Rs 76.95 crore to Rs 79.38 crore.

The company plans to utilise the proceeds of the issue for setting up a new manufacturing facility at Badlapur in Maharashtra, expansion of existing manufacturing facilities and meeting the requirements of working capital.

Meanwhile, the company said that at least 50 per cent of the issue would be allocated to Qualified Institutional Buyers, about 35 per cent of the issue would be available for retail bidders and about 15 per cent for non institutional investors.

Almondz Global Securities is the sole book running lead manager to the issue.

Omkar Speciality Chemicals, is in the business of manufacturing and sale of specialty chemicals like iodine compounds and pharma intermediates viz potassium iodate among others.