Shares of Gujarat-based specialty chemical maker entered stock exchanges on 14 September 2021. The scrip was listed at a price of Rs 902 per share, at a premium of 47.87% as compared with issue price. From its listing price, the stock has moved 37% higher while from its IPO price of Rs 610, the counter has zoomed 102.8%.

The initial public offer (IPO) of Ami Organics received bids for 42.22 crore shares as against 65.42 lakh shares on offer, according to stock exchange data. The issue was subscribed 64.54 times. The issue opened for bidding on Wednesday (1 September 2021) and closed on Friday (3 September 2021). The price band of the IPO was fixed at Rs 603-610 per share.

The non-institutional investors (NIIs) category was subscribed 154.81 times. The qualified institutional buyers (QIBs) category was subscribed 86.64 times. The retail individual investors (RIIs) category was subscribed 13.36 times.

The IPO comprised of a fresh issue of up to Rs 200 crore by the company and an offer for sale (OFS) of up to 60,59,600 equity shares by promoter selling shareholder and other selling shareholders. The company proposes to utilize the net proceeds of the fresh issue and the proceeds from the pre-IPO placement towards repayment/prepayment of certain financial facilities availed by the company amounting Rs 140 crore, funding working capital requirements amounting Rs 90 crore and balance towards general corporate purposes. Total outstanding loan amount as on 30 June 2021 is Rs 145.35 crore.

Ahead of the IPO, Ami Organics on 31 August 2021 finalized allocation of 28,01,485 equity shares to anchor investors at an allocation price of Rs 610 per share, aggregating to Rs 170.89 crore.

Ami Organics is a research and development driven specialty chemicals manufacturer with varied end usage, focused on the development and manufacturing of advanced pharmaceutical intermediates. The company reported a consolidated net profit of Rs 54 crore and total income of Rs 340.61 crore in the twelve months ended 31 March 2021.