Om Galaxy Limited IPO: price band, issue structure, subscription and listing details

Om Galaxy Limited’s small and medium enterprises (SME) initial public offering (IPO) was a ₹105.00 crore issue priced in a band of ₹85 to ₹90 per share. The issue opened on 10 September 2026 and closed on 15 September 2026, with listing on 18 September 2026 at ₹90.20. The IPO was largely a fresh issue of ₹100.00 crore with no offer for sale (OFS), meaning proceeds were primarily intended to accrue to the company rather than to selling shareholders.

What Om Galaxy does: moulds, tooling and in-house hot runner systems

Om Galaxy Limited designs, develops and manufactures plastic injection and blow moulds and related tooling. The company’s positioning, as described in the offer context, is built around an integrated manufacturing model that combines design and engineering with in-house production and trials.

A key element of the group structure is its in-house hot runner systems capability through Infuse HRS Private Limited, in which Om Galaxy increased its holding over time and now treats as a subsidiary. Hot runner systems are used within moulds to help control the flow of molten plastic, and having this capability in-house is presented as part of the group’s integrated tooling offering.

The group also operates in automotive moulds through OMG Auto Mould Private Limited, which was incorporated specifically for that segment. Overall, Om Galaxy primarily supplies customers in India across pipe fitting, industrial and automotive end markets, with some export presence mentioned in the IPO context.

Alongside its core moulds and hot runner systems business, the company has also stated a forward integration initiative into consumer household cleaning products under the WONDRA brand, which it started as a business segment in FY2025.

Milestones and evolution leading into the IPO

Om Galaxy was incorporated in 2008 as Om Galaxy Precision Mould Crafts Private Limited. The company’s footprint expanded with acquisitions of manufacturing properties in the Vasai region of Maharashtra in 2017 and 2018. In 2019, it incorporated OMG Auto Mould Private Limited, indicating a formal push into automotive moulds within the group structure.

A major multi-year theme highlighted in the IPO context is the development of an integrated manufacturing facility at Poman, Vasai East. The company acquired part of the land there in 2020, followed by additional land acquisitions in 2022. Construction of the new unit commenced in 2025, and the company reported completion of RCC work for the first slab in 2026.

The IPO context also notes operational and corporate milestones: consolidated revenue from operations crossed ₹100.00 crore in FY2023, the company changed its name to Om Galaxy Private Limited in 2024, and it subsequently converted into a public company and renamed Om Galaxy Limited in the same year. Other cited milestones include becoming a member of the Tool and Gauge Manufacturers Association of India (TAGMA) in 2025 and being recognised by ET Edge as one of “Bharat’s Best to a Billion’ Brands-2026”.

IPO structure, reservations, subscription and GMP observations

Om Galaxy’s IPO was an SME issue with a lot size of 1,600 shares and a price band of ₹85 to ₹90. The issue size was ₹105.00 crore, including a ₹100.00 crore fresh issue and no OFS. As a result, the primary capital component was intended to support the company’s stated plans and balance sheet objectives.

In terms of investor category reservations, the IPO allocated 45% to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail individual investors. The anchor portion was disclosed as 33.33% of the QIB allocation, with a 5% reservation for domestic mutual funds within the anchor book.

Based on the recorded subscription data, overall subscription stood at 0.95 times. Subscription levels differed materially by category, with QIB demand recorded higher than retail and NII participation.

Grey market premium (GMP) is an unofficial indicator and can change; it is not a listing forecast. Across the latest ten observations available from 9 September 2026 through 18 September 2026, the GMP was recorded at ₹0 with a referenced issue price of ₹90.

Proposed use of fresh issue proceeds: consolidation, capacity and debt repayment

Because the issue included no OFS component, the IPO’s proceeds were positioned around the company’s stated growth and financial objectives. The offer context describes a strategy of consolidating and expanding manufacturing infrastructure, including developing a large integrated facility at Poman, Vasai to bring dispersed operations under one roof.

The stated objects of the issue include:

1. Capital expenditure for setting up a new manufacturing unit intended for consolidation of existing manufacturing units and expansion of production capacities. The proposed allocation for this object is ₹74.66 crore.

2. Pre-payment or re-payment (in full or in part) of certain outstanding borrowings availed by the company. The proposed allocation for this object is ₹14.00 crore.

3. General corporate purposes, for which the offer context does not specify a numeric allocation.

These are proposed uses of net proceeds and do not represent completed spending.

Financial trajectory and key disclosed metrics

Across FY2024 to FY2026, Om Galaxy reported rising revenue and an increase in total assets, while profit after tax (PAT) moved within a relatively narrow range. PAT margin in the presented period trended lower year-on-year.

At the time of the issue, the company disclosed an EBITDA margin (as a margin percentage) of 26.33% and a reported PAT margin of 13.42%. Per-share and return metrics disclosed in the IPO context include earnings per share (EPS) of ₹7.49, return on equity (ROE) of 22.13%, return on net worth (RoNW) of 22.13%, and return on capital employed (ROCE) of 20.39%. The debt-to-equity ratio was disclosed at 0.45 times.

For valuation context in the offer document, the pre-IPO price-to-earnings (P/E) multiple was disclosed at 12.02 times and price-to-book at 2.50 times at the stated reference points.

Key risks highlighted in the IPO context and monitoring points

The IPO context highlights concentration and mix-related risks that can influence operating outcomes.

Customer concentration is described as high, with the top 10 customers accounting for 73% of FY2026 revenue. This means changes in ordering patterns or the loss of a large account can affect revenue and cash flows.

Supplier concentration is also described as meaningful, with the top 10 suppliers accounting for 49% of raw-material purchases in FY2026. This can influence procurement continuity, input availability, and purchase economics.

The company also discloses dependence on a specific segment within its mould portfolio: most revenue comes from pipe fitting moulds (73.62%). As a result, shifts in demand in that end-market can affect utilisation and segment mix.

Post-listing, the following monitoring points follow directly from the stated strategy, disclosures and risk factors:

Progress and execution timelines for consolidating operations into the integrated Poman, Vasai facility, including the pace of capacity addition and capability upgrades for larger and more complex moulds.

Whether the revenue mix becomes less dependent on pipe fitting moulds over time, alongside the contribution trajectory from industrial and automotive moulds and in-house hot runner systems via Infuse HRS.

Changes in concentration metrics, specifically whether customer and supplier concentration reduces from the FY2026 levels cited in the IPO context.

Movement in borrowing levels relative to the stated objective of repayment or prepayment of certain borrowings, alongside changes in the debt-to-equity position disclosed around the IPO period.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.