Amtech Esters IPO
ListedSMEChemicals
25.70×
Subscribed
Price band
₹75 – ₹75
Lot size
1,600
1 lot = ₹1,20,000
Issue size
₹17.88 Cr
Open – close
09 Sept 2026
to 11 Sept 2026
Listing
17 Sept 2026
Listing gain
+33.33%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 3 of 3 signals read positive
Strength89/100
- Strong revenue growthRevenue compounding at 28.6% across the reported years
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 15.07×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB15.07x
Non-institutionalNII / HNI32.32x
Big NIIabove ₹10L33.63x
Small NII₹2L – ₹10L29.61x
Retail individualRII28.93x
8,369 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Sept 2026.
Chance of allotment
Retail28.93× subscribed
~1 in 28.9
Minimum 2 lots · 3,200 shares · ₹2,40,000 blocked
Retail is 28.93× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 28.9 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII32.32× subscribed
~1 in 32.3
Minimum 1 lot · 1,600 shares · ₹1,20,000 blocked
HNI is 32.32× subscribed. This category is allotted proportionately, so a bid receives roughly 1/32.3 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹16+21.3%
over the upper band · last seen 21 Sept 2026 · rising since 10 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹75 – ₹75
Face value₹10
Lot size1,600shares
Minimum application₹1,20,000at cut-off
Total issue size₹17.88 Cr
Fresh issue₹17.88 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
ROE24.17%
ROCE30.16%
Debt/Equity0.17
RoNW24.17%
PAT Margin10.28%
EBITDA Margin18.41%
NAV30.38
ISININE0RMA01019
RegistrarMaashitla Securities Pvt Ltd
Lead managersCREDORA PARTNERS PRIVATE LIMITED, MAASHITLA SECURITIES PRIVATE LIMITED
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 11,29,600 | 47.38% |
| Anchor Investor | 6,76,800 | 28.39% |
| QIB (Ex. Anchor) | 4,52,800 | 18.99% |
| NII (HNI) | 3,40,800 | 14.30% |
| bNII > ₹10L | 2,30,400 | 9.66% |
| sNII < ₹10L | 1,10,400 | 4.63% |
| Retail | 7,93,600 | 33.29% |
| Market Maker | 1,20,000 | 5.03% |
Total issue 23,84,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,40,0002 lots · 3,200 sh
Individual investors (IND) (Max)₹2,40,0002 lots · 3,200 sh
S-HNI (Min)₹3,60,0003 lots · 4,800 sh
S-HNI (Max)₹9,60,0008 lots · 12,800 sh
B-HNI (Min)₹10,80,0009 lots · 14,400 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted6,76,800
Anchor portion₹5.08 Cr
Bid date08 Sept 2026
Lock-in ends (50%)15 Oct 2026
Lock-in ends (rest)14 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Investment in wholly owned subsidiary, Croda Pigments Private Limited, by way of debt: a) Towards capital expenditure requirements of the wholly owned subsidiary; b) To meet the incremental working capital requirements of the wholly owned subsidiary₹8.81 Cr
- 02Repayment or prepayment, in full or in part, of certain borrowings availed by the Company₹3.98 Cr
- 03Funding inorganic growth through unidentified acquisitions and general corporate purposes₹2.88 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 24.604 | — | 2.837 | — | — |
| 2025 | 36.887 | — | 3.722 | — | — |
| 2026 | 40.671 | — | 4.223 | — | — |
Revenue CAGR 28.6%PAT CAGR 22.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Amtech Esters Limited | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of revenue (62.84% in FY2026) is derived from unsaturated polyester resins (UPR), exposing the company to concentration risk from adverse changes in demand, pricing pressure, or supply of raw materials.
mediumMajority of revenue (89.78% in FY2026) is derived from manufacturing, and all manufacturing facilities are situated in Haryana, exposing the company to operational risks from disruptions, slowdowns, or shutdowns.
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth
Restated revenue CAGR of 28.6%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Amtech Esters
Amtech Esters Limited is a B2B manufacturer of unsaturated polyester resins (UPRs) and also trades in complementary products used in resin and fibre-reinforced plastic (FRP) applications. Its product portfolio includes different grades of UPRs, fibreglass products, hardeners, silicones, and ancillary products. Through its wholly owned subsidiary, Croda Pigments Pvt Ltd (CPPL), the company also manufactures pigments used as colourants and additives in industrial and household applications. The company’s products are used across industries, including automotive, electrical and switchgear, fashion and apparel accessories, decorative products, and other industrial applications. Amtech operates manufacturing facilities in Bahadurgarh, Haryana. Its UPR manufacturing facility has an installed capacity of 2,960 MTPA, while CPPL’s pigment manufacturing facility has an installed capacity of 382.20 MTPA as of March 31, 2026. Use of proceeds: The IPO is a fresh issue of shares. So, the net proceeds from the fresh issue will go to the company and will be utilised for the following purposes: Investment in its wholly owned subsidiary, Croda Pigments Pvt Ltd, by way of debt — Rs 8.81 crore a. Towards capital expenditure requirements of the wholly owned subsidiary b. To meet the incremental working capital requirements of the wholly owned subsidiary Repayment or prepayment, in full or in part, of certain borrowings availed by the company — Rs 3.98 crore Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Founded 2002MD Mr. Ajit Singh BawaSector Chemicals
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Amtech Esters IPO GMP today?
The most recent grey-market premium recorded for Amtech Esters is ₹16 per share — about 21.3% over the ₹75 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Amtech Esters IPO subscribed?
Amtech Esters is subscribed 25.70× overall (QIB 15.07×, NII 32.32×, retail 28.93×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Pvt Ltd.
What is the minimum investment in the Amtech Esters IPO?
One lot is 1,600 shares, so a retail application at the ₹75 cut-off price blocks ₹1,20,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Amtech Esters IPO?
The retail portion is subscribed 28.93×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 29. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Amtech Esters IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Maashitla Securities Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.