Amtech Esters IPO
smelistedAbout the company
Amtech Esters was established in 2002, is engaged in the business of a B2B company producing Unsaturated Polyester Resins (UPRs), and deals with complementary goods like fibre resin, hardeners, and silicones, thereby providing customers a seamless sourcing proposition throughout the resin and FRP (Fibre Reinforced Plastic) value chain. Its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), produces pigments which are used as colourants and additives in industrial and domestic goods, providing the company a vertically aligned business structure. It has a cumulative product portfolio of 79 SKUs. The two manufacturing units of the company are situated at Bahadurgarh, and another unit of manufacturing UPRs is under process in Asoda, Haryana. Capacity utilisation in UPR improved from 50.38% in FY24 to 89.11% in FY26, while pigment capacity utilisation improved from 53.39% in FY24 to 83.38% in FY26, reflecting excellent ramping of operations. Contribution to revenue by the top 10 customers is 40.78% in FY26, whereas contribution to total purchases by the top 10 suppliers is relatively high at 73.18% in FY26. Manufacturing generated 89.78% of revenues in FY26, compared to 82.12% in FY24. The remaining revenues were from trading. With regard to products, the revenues in FY26 came mostly from UPR, generating 62.84%, pigments 24.14%, hardeners and ancillaries 6.47%, fibre resin 3.28%, and silicon 3.27%. Geographically speaking, the majority of revenues came from the northern regions of India, especially from Uttar Pradesh, generating 30.30% of the revenues in FY26; Haryana 28.60%; and Delhi 27.30%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 09 Sep | ₹11 | ₹86 | +4 |
| 08 Sep | ₹7 | ₹82 | 0 |
| 07 Sep | ₹7 | ₹82 | +2 |
| 06 Sep | ₹5 | ₹80 | 0 |
| 05 Sep | ₹5 | ₹80 | 0 |
| 04 Sep | ₹5 | ₹80 | +5 |
| 03 Sep | ₹0 | ₹75 | 0 |
| 02 Sep | ₹0 | ₹75 | 0 |
Strengths
- Diversified product portfolio across resins, pigments, fiberglass and silicones
- Wide customer base across multiple industrial sectors
- Experienced promoters and management team
- Strong quality-control and R&D capabilities
- ISO 9001:2015 certified operations
- Synergy with its subsidiary, Croda Pigments Private Limited
- Modern manufacturing facilities and established production capabilities
Risks
- Significant dependence on unsaturated polyester resins
- Majority of revenue comes from the manufacturing business
- Business is manpower intensive
- Significant customer receivables could put pressure on cash flows
- Dependence on industrial demand can affect business performance
- Past instances of regulatory and secretarial non-compliances/discrepancies
- Proposed inorganic acquisitions are not yet specifically identified
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed09 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed11 Sept 2026Last day to place your bid
Basis of Allotment
Completed15 Sept 2026Share allotment finalised
Refund Initiation
Completed16 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed16 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed17 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹120,000 | 1 | ₹120,000 | 1 lot only |
| HNI | 2 | 3200 | ₹240,000 | 2 | ₹240,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,232,877 | 9 | 1,232,877 | 1.00x | 100% |
| NII | 15% | 369,863 | 2.7 | 2,444,794 | 6.61x | 15.1% |
| Retail | 35% | 863,014 | 6.3 | 664,521 | 0.77x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
