Amtech Esters IPO Day 2: Subscribed 1.7x; Retail jumps 13.5% intraday
- Amtech Esters IPO is subscribed 1.7x on Day 2.
- Retail demand jumped 13.5% intraday to 1.77x.
- NII (bHNI) rose 15.7% to 0.59x; QIB remains at 1x.
- Issue closes on 11-09-2026 with listing expected on 17-09-2026.
*this image is generated using AI for illustrative purposes only.
Amtech Esters IPO is subscribed 1.7 times on Day 2. Retail investors have accelerated demand significantly, jumping 13.5% intraday to reach 1.77x, while the total subscription stands at 1.7x as the issue approaches its closing date.
Subscription Status
The cumulative subscription for the Amtech Esters IPO has risen from 1.13x on Day 1 to 1.70x on Day 2. The increase was primarily driven by strong activity in the Retail and Non-Institutional Investor (NII) categories.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 1.00x | 0.30x | 3.02x | 0.77x | 1.13x |
| Day 2 | 10-09-2026 | 1.00x | 0.59x | 3.38x | 1.77x | 1.70x |
Category-wise Breakdown
Retail investors continue to lead the demand, subscribing the issue 1.77 times. The Non-Institutional Buyer (NII) segment also saw significant activity, with small HNI subscribers accounting for 3.38x and big HNI subscribers at 0.59x. The QIB segment remains steady at 1x. Employee subscriptions are currently at 0x.
Intra-day Timeline
On Day 2 (10-09-2026), subscription figures picked up pace after midday. Retail jumped +13.5% today (from 1.56x to 1.77x) and NII (bHNI) jumped +15.7% today (from 0.51x to 0.59x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 0.51x | 1.56x | 1.58x |
| 12:15 | 1.00x | 0.59x | 1.77x | 1.70x |
Offer Details
- Price Band: ₹71.00000 - ₹75.00000
- Issue Size: ₹227200 - ₹500000 lakhs
- Min Bid Qty: 3200 shares
- IPO Open Date: 2026-09-09
- IPO Close Date: 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 products. 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
The company reported a revenue from operations of ₹40.67 crores for the fiscal year ending 31/03/2026. The total profit for the same period was ₹4.22 crores.
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 40.67 | 36.89 | 24.60 |
| Total Profit | 4.22 | 3.72 | 2.84 |
| Total Assets | 34.47 | 27.86 | 24.79 |
Objects of the Issue
- Investment in wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt: ₹8.81 crores
- Repayment or prepayment of certain borrowings: ₹4.20 crores
- Funding inorganic growth through unidentified acquisitions and general corporate purposes: Amount in lakhs
Risk Factors
- Significant Revenue Dependence on Single Product Category: The company derives 62.84% of its revenue from unsaturated polyester resins (UPR).
- Geographic Concentration of Manufacturing Operations: 89.78% of revenue is from manufacturing operations concentrated in Haryana.
- High Employee Attrition Risk: Attrition rates were 8.69%, 5.56%, and 17.14% for fiscal years 2026, 2025, and 2024 respectively.
- Regulatory Non-Compliance and Filing Delays: Multiple instances of delayed statutory filings, including ADT-1 delays of over 3,500 days.
- Customer Concentration Risk: Top 10 customers represent 40.78% of revenue from operations (FY 2026).
What's Next
The IPO closes on 2026-09-11. Allotment is scheduled for 2026-09-15, and listing is expected on 2026-09-17.
Will the strong retail demand on Day 2 persist through the final day of subscription, or is there a risk of last-minute withdrawal?
How might the company's heavy reliance on a single product category (UPR) and geographic concentration in Haryana impact its long-term revenue stability post-listing?
Given the history of regulatory filing delays, what safeguards will be implemented to ensure compliance and protect shareholder interests after going public?
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