Omkar Speciality Chemicals is entering capital market with an initial public offering (IPO) of 8.10 million equity shares of Rs 10 each on January 24. The issue constitutes 41.27% of the fully diluted post issue paid-up capital of the company.

The company has fixed price band at Rs 95-98 a share for the issue, which closes on January 27. Bids can be made for minimum 60 equity shares and in multiples of 60 equity shares therafter.

The company proposes to deploy the issue proceeds for setting up of new manufacturing facility at Unit 4 at Badlapur, Maharashtra, with cost of Rs 321.60 million; expansion of existing manufacturing facilities at Unit 1, Unit 2 & Unit 3 at Badlapur, Maharashtra, with Rs 146.20 million; and working capital requirements of Rs 100 million.

Company is mainly engaged in the manufacture and sale of speciality chemicals viz. selenium compounds, iodine compounds, molybdenum compounds etc. and pharma intermediates viz. Potassium Iodate, Bismuth Ammonium Citrate, Bromoform etc.