Specialty chemicals maker Ami Organics IPO fully subscribed on Day 1

The initial public offer of maker Ami Organics was fully subscribed within the first few hours on the opening day on Wednesday.

The IPO received bids for 1,05,42,624 shares against 65,42,342 shares on offer, translating into 1.61 times subscription, as per data available with the NSE till 1500 hours.

The category for Qualified Institutional Buyers (QIBs) was subscribed 1.39 times, non-institutional investors 32 per cent and Retail Individual Investors (RIIs) 2.29 times.

The company’s initial public offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to 60,59,600 equity shares. Its price range is at Rs 603-610 per share.

Ami Organics on Tuesday collected Rs 171 crore from anchor investors.

At the upper end of the price band, the three-day initial share sale is expected to fetch Rs 569.63 crore.

Proceeds from the fresh issue will be used towards repayment of certain debt and funding working capital requirements.

Ami Organics is one of the leading R&D driven manufacturers of with varied end usage, focussed towards the development and manufacturing of pharma intermediates for regulated and generic APIs (active pharmaceutical ingredients) and NCE (new chemical entity) and key starting material for agrochemicals and fine chemicals.

The equity shares of the company will be listed on BSE and NSE.

This is the company’s second attempt to go public.

Earlier, Ami Organics had filed preliminary papers with Sebi in 2018 and had received the regulator’s nod to launch the public issue. However, it did not float the IPO.

Intensive Fiscal Services, Ambit Private Limited and Axis Capital are the managers to the offer.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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