Amtech Esters IPO Day 3: Subscribed 9.06x; QIB jumps 262% to 3.62x
- Amtech Esters IPO subscribed 9.06x on Day 3
- QIB demand surged 262% intraday to 3.62x
- Retail subscription reached 11.70x
- NII (bHNI) rose to 7.80x
- Allotment scheduled for 2026-09-15
*this image is generated using AI for illustrative purposes only.
Amtech Esters IPO subscription jumped to 9.06x on Day 3, fueled by a sharp acceleration in Qualified Institutional Buyer (QIB) demand. QIB subscription surged 262% intraday to 3.62x, while Retail investors pushed their bid to 11.70x.
Subscription Status
The issue saw significant momentum in the final hours of the bidding window. The total subscription rose from 1.13x on Day 1 to 2.80x on Day 2, before accelerating sharply to 9.06x on Day 3. The most notable development was the late-stage institutional interest, with QIBs entering the fray aggressively after remaining flat at 1.00x for the first two days.
| 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 | 2.07x | 4.58x | 3.41x | 2.80x |
| Day 3 | 11-09-2026 | 3.62x | 7.80x | 11.22x | 11.70x | 9.06x |
Category-wise Breakdown
Retail investors led the overall subscription at 11.70x, followed closely by Non-Institutional Buyers (bHNI) at 7.80x and Small HNI (sHNI) at 11.22x. Qualified Institutional Buyers (QIB) saw a dramatic late-day surge, jumping from 1.00x to 3.62x. The Employee quota remained unsubscribed at 0x.
Intra-day Timeline
On the final day, 11-09-2026, subscription figures picked up pace significantly after the morning session. QIB demand exploded between 12:15 PM and 1:15 PM, rising from 1.00x to 3.62x. Retail also jumped +74.9% today (from 6.69x to 11.70x), while NII (bHNI) rose +73.7% today (from 4.49x to 7.80x). The total subscription jumped +81.6% today (from 4.99x to 9.06x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 4.49x | 6.69x | 4.99x |
| 12:15 | 1.00x | 5.68x | 9.11x | 6.46x |
| 13:15 | 3.62x | 7.80x | 11.70x | 9.06x |
Offer Details
Amtech Esters priced its IPO between ₹71.00000 and ₹75.00000. The issue size ranges from ₹227200 lakhs to ₹500000 lakhs. The minimum bid quantity is set at 3200 shares. The bidding window opened on 2026-09-09 10:00:00 and closed on 2026-09-11 16:00:00.
What's Next
Allotment is scheduled for 2026-09-15. The shares are expected to list on 2026-09-17.
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. Founded in 2002, the company provides an integrated sourcing solution across the resin and FRP value chain. Its wholly owned subsidiary, Croda Pigments Private Limited, manufactures pigments used as colourants and additives, creating operational synergies within the group. The company is led by Managing Director Ajit Singh Bawa.
Financial Highlights
The company reported consolidated revenue from operations of ₹40.67 crores for the fiscal year ending 31/03/2026, up from ₹36.89 crores in FY 2025. Total profit stood at ₹4.22 crores in FY 2026, compared to ₹3.72 crores in FY 2025.
| 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
The company intends to utilize the proceeds for:
- Investment in wholly owned subsidiary Croda Pigments Private Limited by way of debt (₹8.81 crores) for capital expenditure and working capital requirements.
- Repayment or prepayment of certain borrowings (₹4.20 crores).
- Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Risk Factors
Key risks identified in the DRHP include:
- Significant Revenue Dependence on Single Product Category: 62.84% of revenue is derived from UPR.
- Geographic Concentration: 89.78% of revenue comes from manufacturing operations concentrated in Haryana.
- Regulatory Non-Compliance: Instances of delayed statutory filings, including ADT-1 delays of over 3,500 days.
- High Trade Receivables: Debtor days increased to 92 days in FY 2026.
- Customer Concentration: Top 10 customers represent 40.78% of revenue.
How might the late-stage surge in QIB subscription influence the listing price premium compared to the issue price band?
Given the high concentration of revenue from UPR and Haryana, how vulnerable is Amtech Esters to regional regulatory changes or raw material supply shocks post-listing?
What impact could the planned inorganic growth via unidentified acquisitions have on the company's debt profile and future profitability?
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