Om Power Transmission IPO – Day 3 Update

The IPO opened on April 9, 2026 and remained open until April 13, 2026. The price band was fixed at ₹166 to ₹175 per share, and the minimum bid lot was 85 shares. At the upper price band of ₹175, one retail lot required ₹14,875.

The final-day subscription pattern was important because demand was not evenly spread across all categories. NII demand was the strongest, QIB demand crossed full subscription, and retail demand also closed above the one-time mark.

Om Power Transmission IPO Day 3 Subscription Snapshot

By the end of the final bidding day, Om Power Transmission IPO received bids worth about ₹349 crore against a category size of about ₹105 crore. This resulted in an overall subscription of 3.32 times.

The Main Day 3 Story: NII Demand Led the Closing Response

Om Power Transmission IPO closed with stronger participation from non-institutional investors. The NII category was subscribed 7.06 times, making it the strongest part of the final subscription data.

Within the NII category, applications above ₹10 lakh saw higher demand at 8.08 times, while the ₹2 lakh to ₹10 lakh category was subscribed 5.01 times. This shows that larger non-institutional applications played a major role in the final-day pickup.

Retail participation was more moderate at 1.54 times. The retail portion was subscribed, but it did not show the same intensity as the NII category. QIB demand stood at 3.65 times, adding institutional support to the issue.

IPO Details at a Glance

One-Lot Application Calculation

The minimum lot size for Om Power Transmission IPO was 85 shares. At the upper price band of ₹175 per share, one lot required ₹14,875.

Offer Structure: Fresh Issue Plus Promoter OFS

Om Power Transmission IPO was a combination of a fresh issue and an offer for sale. The fresh issue was the larger part of the offer, while the OFS was a smaller promoter stake-sale component.

At the upper price band, the fresh issue comprised 75,75,000 equity shares aggregating to ₹132.56 crore. The offer for sale comprised 10,00,000 equity shares aggregating to ₹17.50 crore.

The OFS was offered by promoter selling shareholders Kalpesh Dhanjibhai Patel, Kanubhai Patel and Vasantkumar Narayanbhai Patel. The company will receive proceeds from the fresh issue portion, while the OFS proceeds will go to the selling shareholders.

Why the Fresh Issue Matters for This EPC Business

Om Power Transmission operates in a project-based EPC business, where machinery, equipment and working capital are important for execution. Unlike a pure OFS issue, this IPO includes a sizeable fresh issue component that can support business requirements.

The offer document states that part of the net proceeds is proposed to be used for purchase of machinery and equipment. The company also proposes to use ₹55.00 crore from the net proceeds towards long-term working capital requirements.

This is relevant because EPC companies often need funds before project billing and collection are completed. They must manage materials, site mobilisation, subcontracting, employee costs, bank guarantees, receivables and project execution timelines.

Business Profile: Power Transmission EPC and O&M

Om Power Transmission is a Gujarat-based engineering, procurement and construction company focused on power transmission infrastructure. The company works on transmission lines, underground cabling, substations and operation and maintenance services.

Its EPC capabilities cover transmission lines from 11 kV to 400 kV and substations up to 220 kV. The company’s work includes design, engineering, supply, erection, installation, testing, commissioning, right-of-way permissions and statutory approvals.

This makes the company different from a product manufacturer. Its business is project-driven, where execution quality, order book conversion, working capital control, customer approvals and timely billing matter as much as revenue growth.

Order Book: The Key Operating Metric

For a transmission EPC company, the order book is one of the most important operating data points. It shows the value of confirmed but unexecuted work available with the company.

As of December 31, 2025, Om Power Transmission had an unexecuted order book of ₹744.60 crore across 58 projects. This included 51 EPC projects and 7 O&M contracts.

The order book had increased from ₹209.89 crore in Fiscal 2023 to ₹744.60 crore as of December 31, 2025. The offer document also states that the company had already bid for 22 projects amounting to ₹1,174.81 crore as of December 31, 2025.

Financial and Operating Snapshot

Om Power Transmission reported revenue from operations of ₹279.44 crore in Fiscal 2025, compared with ₹182.76 crore in Fiscal 2024 and ₹120.24 crore in Fiscal 2023.

Profit after tax increased to ₹22.08 crore in Fiscal 2025, compared with ₹7.41 crore in Fiscal 2024 and ₹6.24 crore in Fiscal 2023. For the nine months ended December 31, 2025, revenue from operations stood at ₹274.54 crore and profit after tax stood at ₹23.37 crore.

Why the Subscription Pattern Matters

The final subscription number shows that the IPO crossed full subscription comfortably, but the demand pattern was uneven. NII investors showed the highest participation, while retail subscription was more moderate.

This matters because total subscription alone does not explain the full investor response. A 3.32x overall number led mainly by NII demand carries a different meaning from a subscription pattern where retail, QIB and NII categories are all equally strong.

In Om Power Transmission’s case, the final-day pickup suggests that larger non-institutional applications played an important role in closing the issue with stronger overall demand.

GMP Context

Grey market premium, or GMP, was also being tracked during the IPO period. However, GMP is not part of the prospectus, stock exchange filing or official subscription data.

For Om Power Transmission, the stronger official data point on Day 3 was the category-wise subscription. GMP can move quickly before listing and may not match the final listing performance.

GMP should therefore be read only as an unofficial sentiment indicator and not as a confirmed listing price or assured gain.

Key Risks to Understand

Om Power Transmission operates in a project-based EPC business. The risk profile is linked to project execution, working capital, customer approvals, order conversion, receivables and competition in power infrastructure contracts.

• Project execution risk: Transmission and substation EPC projects require timely design, procurement, site execution, testing and commissioning.
• Working capital risk: EPC businesses often need funds for materials, mobilisation, receivables and bank guarantees before full project collection.
• Order book conversion risk: A large order book indicates work visibility, but actual revenue depends on execution, approvals, billing and collection.
• Customer concentration risk: Power transmission projects can depend on government utilities, state electricity boards, renewable energy developers and infrastructure clients.
• Regulatory and approval risk: Transmission projects may involve permissions, right-of-way approvals, site access and other statutory requirements.
• Raw material and subcontracting risk: Changes in material prices, vendor availability or subcontractor execution can affect project margins.
• Cash-flow risk: The company reported negative operating cash flow for the nine months ended December 31, 2025, mainly reflecting working-capital movement.
• Listing risk: Subscription and GMP do not guarantee listing performance after the shares begin trading.

IPO Timeline After Closing

Key Points from Day 3

• Om Power Transmission IPO closed on April 13, 2026.
• The issue was subscribed 3.32 times overall.
• NII demand was the strongest at 7.06 times.
• NII applications above ₹10 lakh were subscribed 8.08 times.
• NII applications between ₹2 lakh and ₹10 lakh were subscribed 5.01 times.
• QIB subscription stood at 3.65 times.
• Retail subscription stood at 1.54 times.
• The price band was ₹166 to ₹175 per share.
• The lot size was 85 shares.
• The total offer size was ₹150.06 crore at the upper price band.
• The IPO included a ₹132.56 crore fresh issue and ₹17.50 crore offer for sale.
• The company operates in power transmission EPC, underground cabling, substations and O&M services.
• As of December 31, 2025, the company had an order book of ₹744.60 crore.
• Working capital, project execution and order conversion are important factors to track after listing.

Source and Data Note

This article is based on Om Power Transmission Limited’s offer documents, IPO subscription data available on April 13, 2026, stock exchange subscription updates and IPORupee subscription data. Subscription figures may vary slightly across sources depending on timestamp and reporting method.

Disclaimer

This article is for educational and informational purposes only. It is not investment advice, a recommendation to apply for the IPO, or a recommendation to buy, sell or hold any security. IPO investments and listed equity investments are subject to market risk, valuation risk, allotment risk, liquidity risk, business risk and regulatory risk. Readers should refer to the official offer documents, stock exchange data, registrar updates and their application platform before making any investment decision.