Amtech Esters IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 15.07x |
| NII | 32.32x |
| sNII (₹2L–₹10L) | 29.61x |
| bNII (above ₹10L) | 33.63x |
| Retail (RII) | 28.93x |
| Total | 25.7x |
Bidding day 3 · final figures at close of bidding: 17 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 9 Sept 2026
- Close Date
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹16.98 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- Maashitla Securities
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,40,000 |
| HNI (Min) | 3 | 4,800 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 6,76,800 | 29.89% |
| QIB (ex-anchor) | 4,52,800 | 20% |
| NII | 3,40,800 | 15.05% |
| — sNII (< ₹10L) | 1,10,400 | 4.88% |
| — bNII (> ₹10L) | 2,30,400 | 10.18% |
| Retail | 7,93,600 | 35.05% |
| Total | 22,64,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 27.24 | 2.84 | 1.65 | 11.64 | 24.79 | 4.49 | — |
| FY 2025 | 36.97 | 3.72 | 6.5 | 15.36 | 27.86 | 3.99 | — |
| FY 2026 | 40.75 | 4.22 | 7.49 | 19.58 | 34.47 | 3.41 | 6.55 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 24.17%
- RoE
- 24.17%
- RoCE
- 30.16%
- Debt / Equity
- 0.17
- EPS (pre-issue)
- ₹6.55
- EPS (post-issue)
- ₹4.78
- EBITDA Margin
- 18.41%
- PAT Margin
- 10.28%
- NAV / share
- ₹30.38
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Investment in the subsidiary, namely Croda Pigments Private Limited, by way of debt: 1. Towards capital expenditure requirements of the subsidiary;2.To meet the incremental working capital requirements of the subsidiary | ₹8.81 Cr |
| Repayment or prepayment, in full or in part, of certain borrowings availed by the Company | ₹3.98 Cr |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | ₹2.88 Cr |
| Issue Expense | ₹2.2 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Lead Manager fees including underwriting commission | ₹1.15 Cr |
| Brokerage, selling commission and upload fees | ₹0.01 Cr |
| Registrars to the issue | ₹0.02 Cr |
| Legal Advisors | ₹0.05 Cr |
| Advertising and marketing expenses | ₹0.61 Cr |
| Regulators including stock exchanges | ₹0.09 Cr |
| Printing and distribution of issue stationary | ₹0 Cr |
| Others (Sponsor Bank, Statutory Auditor, Secretarial, Chartered Engineer, Market Maker and Miscellaneous Expenses.) | ₹0.28 Cr |
Promoters & Shareholding
Promoters: <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>
- Holding (pre-issue)
- 62.35%
- Holding (post-issue)
- 45.52%
- Dilution
- 16.83%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| GENERATIONAL CAPITAL BREAKOUT FUND I | Other | 1,36,000 | ₹75 | 1.02 | 20.09% |
| VINEY GROWTH FUND | Other | 1,36,000 | ₹75 | 1.02 | 20.09% |
| KRUSHNAM NEXUS CAPITAL TRUST-KRUSHNAM NEXUS CAPITAL SCHEME 1 | Other | 1,36,000 | ₹75 | 1.02 | 20.09% |
| HOLANI VENTURE CAPITAL FUND | Other | 1,34,400 | ₹75 | 1.01 | 19.86% |
| FLUMEN INVESTMENT TRUST-1729 GROWTH FUND I | Other | 1,34,400 | ₹75 | 1.01 | 19.86% |
Anchor bidding took place on 8 Sept 2026. Anchor lock-in: 50% of shares unlock on 15 Oct 2026, the remainder on 14 Dec 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Amtech Esters IPO
The Amtech Esters SME IPO opens for subscription on 9 Sept 2026 and closes on 11 Sept 2026, offered at a price band of ₹71–75 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹17.88 crore. Retail investors bid in lots of 1600 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹16.98 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the subsidiary, namely croda pigments private limited, by way of debt: 1. towards capital expenditure requirements of the subsidiary;2.to meet the incremental working capital requirements of the subsidiary (₹8.81 crore), alongside repayment or prepayment, in full or in part, of certain borrowings availed by the company (₹3.98 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Amtech Esters reported revenue of ₹40.75 crore and a net profit of ₹4.22 crore. Revenue grew from ₹27.24 crore in FY2024 to ₹40.75 crore in FY2026 (+50.0%). Net worth stood at ₹19.58 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Promoters
The promoters of the company are <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>. Promoter holding stands at 62.35% before the issue and comes down to 45.52% after listing.
Grey market premium (GMP)
In the unofficial grey market, Amtech Esters shares are quoted at a premium of ₹16 implying an expected listing around ₹91, about +21.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Amtech Esters IPO was subscribed 25.7 times overall. The strongest demand came from non-institutional investors (NII) at 32.32 times, with qualified institutional buyers (QIB) at 15.07× and retail investors at 28.93×.
Listing performance
Amtech Esters listed on 17 Sept 2026 at ₹100, a premium of +33.3% over the issue price of ₹75.
What to weigh
When evaluating the Amtech Esters IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Amtech Esters
Incorporated in 2002, Amtech Esters Limited is enagaged in the manufacturing of fiberglass raw materials, including polyester resins, silicon-based products, wax polish, and brushes. These products cater to diverse applications such as FRP sheets, cooling towers, automobile components, flower pots, sports equipment, garden furniture, bathtubs, containers, panels, machine covers, statues, art, and handicrafts. The company’s manufacturing unit, located at 2012 MIE, Bahadurgarh, Jhajjar, Haryana 124507, has a production capacity of 2960 MTPA of resins as of March 31, 2024, and 740 MT by June 30, 2024. The company offers a wide range of fiberglass products, including CSM 225 E, CSM 450 E/P, CSM 300 E/P, fiber cut pieces, surface mat, woven rovings, fiberglass cloth, and chopped strands. Products: Products Manufactured by the Company: The company specializes in producing polyester resins for various applications, including fashion, automotive, accessories, and sculptures, ensuring durability and quality. Products Manufactured in the Subsidiary Croda Pigments Private Limited: The company manufactures pigment paste, cobalt octoate, accelerator, resin hardener, and BP paste through its subsidiary, Croda Pigments Private Limited. Products traded by the Company: The company’s trading segment complements its manufactured products, offering catalysts, fiberglass, silicone rubbers, wax polish, pigment paste, styrene monomer, and other related materials for various applications. As onOctober 31, 2024, the company has 36 employees. Competitive Strengths: Diversified product range appealing to a wide range of customers Quality Assurance ensuring standardized quality of the products Experienced Promoter with senior management, backed by sales team having industry knowledge Focus on increasing operational efficiencies Strong connect with suppliers.
Amtech Esters — Contact Details
- Registered office
- Flat No. 102, Plot No. A – 3, Magnum House 1, Commercial Complex, Karam Pura, West Delhi, New Delhi, West Delhi, New Delhi, 110015
- Phone
- 011-49044111
- Website
- www.amtechesters.com/
- Registrar (IPO queries)
- ipo@maashitla.com
Frequently asked questions
- What is the Amtech Esters IPO price band?
- The Amtech Esters IPO price band is ₹71 to ₹75 per share, with a lot size of 1600 shares.
- What was the Amtech Esters IPO GMP before listing?
- The final grey market premium recorded before the Amtech Esters IPO listed was ₹16. The IPO listed on 17 Sept 2026 at ₹100, +33.3% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Amtech Esters IPO open and close?
- The Amtech Esters IPO opens on 9 Sept 2026 and closes on 11 Sept 2026.
- When is the Amtech Esters IPO allotment and listing date?
- Allotment is expected on 15 Sept 2026. The shares are scheduled to list on 17 Sept 2026 on BSE.
- How many times was the Amtech Esters IPO subscribed?
- The Amtech Esters IPO was subscribed 25.7 times in total across all investor categories.
- What is the reservation split in the Amtech Esters IPO?
- Of the total shares offered, retail investors get 35.05%, QIBs 20% (plus 29.89% anchor), non-institutional investors 15.05%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Amtech Esters and what is their holding?
- The promoters are <p>Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma</p>. Promoter holding is 62.35% before the issue and 45.52% after listing.
- What are the objects of the Amtech Esters IPO?
- The net proceeds go primarily toward investment in the subsidiary, namely croda pigments private limited, by way of debt: 1. towards capital expenditure requirements of the subsidiary;2.to meet the incremental working capital requirements of the subsidiary, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Amtech Esters IPO?
- The book-running lead manager is Credora Partners Pvt.Ltd.. Maashitla Securities is the registrar to the issue.
- Is Amtech Esters a Mainboard or SME IPO?
- Amtech Esters is an SME IPO, listing on BSE (SME platform).