Om Power Transmission IPO Update: Subscription Status at 71% After Three Days

Om Power Transmission IPO Sees Strong Subscription Amid Favorable Sector Trends

The initial public offering (IPO) of Om Power Transmission commenced on Thursday, April 9, and is set to conclude on Monday, April 13. The company has fixed a price band of ₹166 to ₹175 per equity share, with a face value of ₹10. The minimum lot size for subscription is 85 shares, and investors have the option to purchase additional shares in multiples of 85.

Prior to its IPO, Om Power Transmission has secured ₹45.01 crore from three anchor investors. The primary anchor investor, Mauritius-based Craft Emerging Market Fund PCC, acquired a total of 16.57 lakh shares for over ₹29 crore through its Elite Capital Fund and Citadel Capital Fund. Morgan Stanley Asia (Singapore) purchased 571,000 shares for ₹10 crore, while Sunrise Investment Trust, via the Sunrise Investment Opportunities Fund, acquired 343,000 shares for ₹6.01 crore.

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Om Power Transmission specializes in engineering, procurement, and construction (EPC) services, particularly in the field of power transmission infrastructure, with over 14 years of experience in the sector. The company has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional investors (NII), and not less than 35% for retail investors.

The basis of allotment of shares is expected to be finalized on Wednesday, April 15, and the company will initiate refunds on Thursday, April 16. The shares will be credited to the demat account of allottees on the same day following refund. Om Power Transmission's share price is likely to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Friday, April 17.

As of now, the grey market premium (GMP) of Om Power Transmission is at +2, indicating a trend towards decline. The estimated listing price of the company's shares is ₹177 apiece, which is 1.14% higher than the IPO price of ₹175.

Om Power Transmission has a strong order book amounting to ₹744.60 crore as of December 31, 2025. However, some analysts have raised concerns about the long-term sustainability of the company's earnings, given the significant increase in profitability observed in the recent financial year.

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Despite these concerns, several research firms have recommended investing in Om Power Transmission for a long-term perspective. According to Master Capital Services Ltd, the company is strategically aligned as an EPC entity in power transmission, showcasing proficiency in transmission lines, substations, and underground cabling projects. Its focus on thorough project delivery, operational efficiency, and a strong presence in fast-expanding regions positions it well to take advantage of the increasing investments in transmission infrastructure.

SBICAP Securities has indicated that the company is in a strong position to take advantage of favorable sector trends, as India's power generation and transmission market is projected to grow from USD 125 billion in FY24 to USD 280 billion by FY30, reflecting a CAGR of 14.4%. At the maximum price of ₹175, the issue is assessed at a P/E ratio of 27.1x/19.2x based on FY25 and annualized 9MFY26 earnings, respectively.

As of now, the IPO has seen a subscription status of 71% on day 2, with the retail portion subscribed 58% and the NII portion booked 38%. The QIBs portion has received 1.18x bids, with the company receiving bids for 42,47,705 shares against 60,02,730 shares on offer, at 17:00 IST, according to data on the BSE.