SME
IPO ·
BSE SME
Amtech Esters Ltd
Listed
Haryana maker of unsaturated polyester resins, with a pigments subsidiary and FRP product trading.
Issue details
Price band
₹71 – ₹75
Face value
₹10
Lot size
1,600 shares
Minimum investment
₹2,40,000
Issue size
₹17.88 Cr
Fresh issue
₹17.88 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
9 Sep 2026
Closes
11 Sep 2026
UPI mandate cut-off
5:00 PM on 11 Sep 2026
Allotment
15 Sep 2026
Refunds
16 Sep 2026
Shares in demat
16 Sep 2026
Listing
17 Sep 2026
Subscription and listing
Subscription
18.57x
Listing price
₹100
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Credora Partners Pvt Ltd
Subscription by category
Total
18.57x
Total applications
8,311
Anchor investors
Amount raised
₹5.08 Cr
Bid date
8 Sep 2026
50% lock-in ends
15 Oct 2026
Rest lock-in ends
14 Dec 2026
Listing day
Issue price
₹75
Open
₹100.00
High
₹105.00
Low
₹95.00
Day close
₹105.00
Listing gain at open
+33.33%
Issue structure
Shares reserved per category and share of the total issue
QIB
11,29,600
47.38%
Anchor Investor
6,76,800
28.39%
QIB (Ex. Anchor)
4,52,800
18.99%
NII
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
23,84,000
100.00%
Finaccle’s quick read
Apply
Income up 10% and PAT up 13% in FY26 with ROE of 24.2%, D/E of 0.17 and a post-issue P/E of 15.7x on a fully fresh issue; small size is the main caveat.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Amtech Esters, incorporated in 2002, manufactures unsaturated polyester resins at an automated plant in Bahadurgarh, Haryana, and trades allied inputs such as fibreglass, hardeners and silicones for the resin and FRP industry. Its subsidiary Croda Pigments makes pigments for paints, varnishes and adhesives. It sells to industrial (B2B) customers, employs about 60 people and had FY26 income of about ₹41 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
24.17%
ROCE
30.16%
Debt / equity
0.17
PAT margin
10.28%
P/E post issue
15.69
Market cap
₹66.22 Cr
Use of IPO money
Investment in subsidiary CPPL for capex and working capital
₹8.81 Cr
Repayment/prepayment of borrowings
₹3.98 Cr
Inorganic growth and general corporate purposes
₹2.88 Cr
Issue expenses
₹2.20 Cr
Strengths
✓
Entirely fresh issue with no OFS
✓
Low debt/equity of 0.17
✓
PAT margin above 10% with ROE of 24%
✓
Integrated sourcing across resin and FRP chain
✓
Pigment subsidiary adds product breadth
Risks to watch
!
Very small revenue base of about ₹41 Cr
!
Income growth slowed to 10% in FY26
!
Promoter holding falls below 50% post-issue
!
Part of proceeds for unidentified acquisitions
!
Raw material prices tied to petrochemicals
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.