Amtech Esters IPO Day 1: QIB fully subscribed; Retail surges 222%
- Amtech Esters IPO QIB category fully subscribed at 1.00x on Day 1.
- Retail demand surged 222.2%, rising from 0.09x to 0.29x.
- Total subscription reached 0.63x by end of Day 1.
- NII (bHNI) category showed strong interest at 1.31x.
*this image is generated using AI for illustrative purposes only.
Amtech Esters IPO opened for subscription on 09-09-2026 and saw the Qualified Institutional Buyer (QIB) category reach full subscription at 1.00x on Day 1. Retail demand jumped significantly, driving the total subscription to 0.63x.
Subscription Status
The QIB segment was the clear leader, achieving a 1.00x subscription multiple by the end of Day 1. In contrast, other categories showed varying levels of interest. Non-Institutional Buyers (bHNI) stood at 1.31x, while sHNI was at 0.04x. Retail investors contributed 0.29x to the overall demand. The employee quota remained unsubscribed at 0x.
| Category | Subscription Multiple |
|---|---|
| QIB | 1.00x |
| NII (bHNI) | 1.31x |
| NII (sHNI) | 0.04x |
| Retail | 0.29x |
| Employees | 0x |
| Total | 0.63x |
Intra-day Timeline
Demand picked up pace during the day, particularly in the retail segment. At 11:15 AM, the total subscription was 0.44x. By 12:15 PM, it had risen to 0.51x. By 13:15 PM, it further increased to 0.63x. The QIB category remained steady at 1.00x throughout these intervals, indicating early completion of institutional allocation. Retail demand more than tripled from 0.09x to 0.29x within this short window.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 0.00x | 0.09x | 0.44x |
| 12:15 | 1.00x | 0.04x | 0.21x | 0.51x |
| 13:15 | 1.00x | 0.04x | 0.29x | 0.63x |
Offer Details
The Amtech Esters IPO has a price band of ₹71.00000 - ₹75.00000. The issue size ranges from 227200 to 500000. The minimum bid quantity is set at 3200 shares. The issue opened on 2026-09-09 and will close on 2026-09-11.
About the Company
Amtech Esters is engaged in the B2B business of manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products such as fiber resin, hardeners, silicons, and other ancillary items. The company provides an integrated sourcing solution across different stages of the resin and FRP value chain. Its wholly owned subsidiary, Croda Pigments Private Limited, manufactures pigments used as colourants and additives in various industrial and household products.
Financial Highlights
Consolidated financial data shows revenue growth over the past three years. Revenue from operations increased from ₹24.60 crores in FY 2024 to ₹40.67 crores in FY 2026. Total profit also rose from ₹2.84 crores in FY 2024 to ₹4.22 crores in FY 2026.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 40.67 | 36.89 | 24.60 |
| Total Profit (₹ crores) | 4.22 | 3.72 | 2.84 |
| Total Assets (₹ crores) | 34.47 | 27.86 | 24.79 |
Objects of the Issue
The company plans to utilize the proceeds for several strategic purposes:
- Investment in wholly owned subsidiary Croda Pigments Private Limited by way of debt for capital expenditure and working capital requirements (₹8.81 crores).
- Repayment or prepayment of certain borrowings to reduce debt servicing costs (₹4.20 crores).
- Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Risk Factors
Investors should note several material risks associated with the company:
- Significant revenue dependence on Unsaturated Polyester Resins (UPR), which accounts for 62.84% of revenue.
- Geographic concentration of manufacturing operations in Haryana, contributing 89.78% of revenue.
- High employee attrition risk, with rates fluctuating between 5.56% and 17.14% in recent years.
- Regulatory non-compliance issues, including delayed statutory filings.
- Dependency on limited suppliers, with top 10 suppliers accounting for 73.18% of total purchases.
What's Next
The IPO will remain open until 2026-09-11. Allotment is expected on 2026-09-15, followed by listing on 2026-09-17.
How might the early full subscription by QIBs influence the final allotment ratio for retail and HNI investors given the current 0.63x total subscription?
What impact could the planned debt repayment of ₹4.20 crores have on Amtech Esters' future interest coverage ratios and financial flexibility post-listing?
Given the high concentration of revenue from UPRs (62.84%) and geographic reliance on Haryana, how exposed is the company to regional regulatory changes or raw material supply shocks?
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