- The specialty chemicals company Ami Organics was fully subscribed on the first day of the bidding on September 1st.
- In the last two days of the issuance, it has received a good response from retail investors so far, followed by institutional investors.
- The gray market premium indicates a strong premium of over ₹ 150.
Specialty chemicals company Ami Organics started its initial public offering (IPO) on September 1st. Today, September 3rd, is the last day to subscribe to its initial public offering.
In the past few months, three specialty chemicals companies – Clean Science and Technology, Tatva Chintan Pharma Chem, and Chemplast Sanmar – had launched. With the exception of Chemplast Sanmar, the other two made strong listings on the stock exchanges.
The enthusiasm for the Ami Organics IPO is huge, as the IPO was fully subscribed in the first hours of the first day of the bidding. By September 2, the IPO was 3.90 times oversubscribed. The IPO received offers for 2.55 crore shares compared to the IPO volume of 65.36 lakh shares.
The Gujarat-based specialty chemicals company will use the proceeds from its IPO to settle its 140 billion yen debt and become debt free, Naresh Patel, chief managing director of Ami Organics, said in an interview with Business Insider.
The gray market shows a premium of over 150 on the issue price. It has a price range of ₹ 603 to ₹ 610. Here are some important dates related to going public:
|Price band||₹ 603 through ₹ 610|
|Opening date of the IPO||September 1|
|Closing date of the IPO||September 3|
|Grant date||September 8th|
|Initiation of Refunds||the 9th of September|
|Crediting of shares to Demat account||13.september|
|Date of listing||September 14th|
The company intends to raise ₹ 200 billion through re-issue of shares and 60.59 lakh shares through an offer to sell by promoters. Overall, the company is targeting an increase of 570 billion yen in the upper price range of 603 yen to 610 yen per share.
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