Upcoming IPO, Sept. 2 -- Omnitech Engineering, on Tuesday, received markets regulator Securities and Exchange Board of India (SEBI) approval to launch IPO worth Rs.850 crore.

The IPO comprises a fresh issue of equity shares worth up to Rs.520 crore and an offer for sale of shares valued at Rs.330 crore by promoter Udaykumar Arunkumar Parekh, according to the draft red herring prospectus (DRHP).

The company also plans to raise Rs.104 crore through a pre-IPO placement. If this placement goes through, the size of the fresh issue will be adjusted accordingly.

The funds will be allocated towards debt repayment of Rs.140 crore and the establishment of two new manufacturing units costing Rs.213.7 crore. Additionally, Rs.15.7 crore will be use...