Omnitech Engineering is currently navigating the second day of its **Rs 583 crore** initial public offering, which remains open for subscription until February 27, 2026. The issue is a combination of a fresh equity sale worth **Rs 418 crore** and an offer for sale totaling **Rs 165 crore**. As of the conclusion of the first day, the IPO saw a muted overall subscription rate of **0.09 times**. While retail and non-institutional categories showed initial caution with **0.06 times** coverage each, the employee portion emerged as a major highlight, achieving an oversubscription of **2.15 times**. Market sentiment in the unofficial grey market suggests a conservative debut. The current Grey Market Premium (GMP) is approximately **Rs 8**, implying a modest listing gain of roughly **3.5%** over the upper price band of **Rs 227**. Financially, the company has demonstrated significant growth. Revenue for fiscal 2025 surged by **92%** to **Rs 349.71 crore**, while profit after tax jumped **132%** to reach **Rs 43.87 crore**. This growth is supported by a robust order book which stood at **Rs 1,764.7 crore** as of late 2025. The company plans to utilize **Rs 233.55 crore** of the fresh proceeds to establish two new manufacturing facilities in Rajkot, Gujarat. Additionally, **Rs 50 crore** is earmarked for the repayment of existing borrowings to strengthen the balance sheet. Despite the strong growth trajectory, analysts have flagged risks regarding customer concentration and working capital cycles. The top ten customers account for nearly **48%** of the revenue, and the working capital cycle has stretched to **283 days** in the most recent fiscal year. At the upper price band, the stock is valued at a price-to-earnings (P/E) multiple of approximately **50.5x**. While this represents a premium, it remains competitive compared to certain industry peers, some of which trade at significantly higher multiples due to the niche nature of precision engineering. Final allotment of shares is expected on March 2, 2026, with the official listing on the BSE and NSE scheduled for March 5, 2026.