Amtech Esters IPO: Price Band, Lot Size, Financials & Review
Amtech Esters IPO listed on BSE on Thu, 17 Sep 2026. The issue was subscribed 25.78x overall.
- Open Date
- 9 Sep 2026
- Close Date
- 11 Sep 2026
Last updated
- Price band
- ₹71 – ₹75
- Lot size
- 1,600 shares
- Min. investment
- ₹2,40,000
- Issue size
- ₹17.88 Cr
- Last GMP
- +₹16
- Subscribed
- 🔥 25.78x
Amtech Esters IPO details
Amtech Esters IPO is a ₹17.88 Cr book-building IPO on the SME segment, listing on BSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Wed, 9 Sep 2026 to Fri, 11 Sep 2026. Allotment was finalised on Tue, 15 Sep 2026, and the shares listed on BSE on Thu, 17 Sep 2026.
The price band is ₹71 to ₹75 per share and the lot size is 1600 shares, so the minimum retail application is ₹2,40,000. Retail investors can apply for up to 2 lots (3,200 shares, ₹2,40,000).
Maashitla Securities Pvt. Limited is the registrar.
Grey market premium (GMP)
Day-wise GMP →The last Amtech Esters IPO GMP before listing was +₹16 (+21.33% against the upper price band of ₹75), implying an estimated listing price of ₹91. Across 10 days of tracking, GMP ranged from +₹7 (07 Sep) to +₹16 (16 Sep).
| Last GMP | +₹16 |
|---|---|
| GMP vs upper band | +21.33% |
| Estimated listing price | ₹91 |
| Highest (16 Sep) | +₹16 |
| Lowest (07 Sep) | +₹7 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Amtech Esters IPO day-wise GMP.
Subscription
Day-wise subscription →Amtech Esters IPO was subscribed 25.78x overall: QIB 15.07x, NII 32.68x and retail 28.93x.
| Category | Subscribed |
|---|---|
| QIB | 15.07x |
| NII | 32.68x |
| └ bNII (above ₹10 lakh) | 34.63x |
| └ sNII (₹2–10 lakh) | 28.77x |
| Retail | 28.93x |
| Total | 25.78x |
Final figures at the close of bidding on 11 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Amtech Esters IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 6,76,800 | 29.89% |
| Qualified Institutions | 4,52,800 | 20.00% |
| Non-Institutional | 3,40,800 | 15.05% |
| └ BNII | 2,27,200 | 10.04% |
| └ SNII | 1,13,600 | 5.02% |
| Retail Investors | 7,93,600 | 35.05% |
| Total | 22,64,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Amtech Esters IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,40,000 |
| Retail (Max) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,60,000 |
| S-HNI (Max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (Min) | 9 | 14,400 | ₹10,80,000 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
Promoter holding falls from 62.35% before the issue to 45.52% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹6.55 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | — |
| EPS (post-issue) EPS on the enlarged share capital | ₹4.78 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 62.35% |
| Promoter holding (post-issue) | 45.52% |
Amtech Esters Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹36.97 Cr to ₹40.75 Cr, and profit after tax rose from ₹3.72 Cr to ₹4.22 Cr. The PAT margin for 31 Mar 2026 was 10.36%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 34.47 | 27.86 | 24.79 |
| Total Income | 40.75 | 36.97 | 27.24 |
| Profit After Tax | 4.22 | 3.72 | 2.84 |
| EBITDA | 7.49 | 6.50 | 1.65 |
| Net Worth | 19.58 | 15.36 | 11.64 |
| Reserve & Surplus | 13.14 | 12.14 | 8.41 |
| Total Borrowings | 3.41 | 3.99 | 4.49 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 24.17 | 27.58 | 27.94 |
| ROCE % | 30.16 | 35.10 | 30.77 |
| Debt / Equity | 0.17 | 0.26 | 0.39 |
| RoNW % | 24.17 | 27.58 | 27.94 |
| Pat Margin % | 10.28 | 10.09 | 11.53 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | 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 |
| 2 | Repayment or prepayment, in full or in part, of certain borrowings availed by the Company |
| 3 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | |
About Amtech Esters Limited
Amtech Esters Ltd is a B2B specialty chemicals company incorporated in May 2002 and primarily engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and trading of complementary products used across the resin and FRP value chain. Originally incorporated as Amtech Esters Private Limited, the Company was converted into a public limited company in December 2023.
The Company offers a diversified portfolio of 79 SKUs, comprising UPRs, pigments, fibre resins, hardeners, silicones and other ancillary products. UPRs are its core product and contributed 62.84% of revenue in FY26, while pigments manufactured through its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), contributed 24.14%. Its products serve a wide range of applications, including automotive and body shops, electrical switchgear, fashion accessories, FRP products, decorative articles, coatings and other industrial applications.
Amtech Esters operates two manufacturing facilities in Bahadurgarh, Haryana, with an aggregate installed capacity of 2,960 MTPA for UPRs and 382.2 MTPA for pigments as of FY26. UPR production stood at 2,195 tonnes in FY26, representing a capacity utilisation of 89.11%, compared with 50.38% in FY24.
Through its integrated product portfolio, the Company provides customers with a comprehensive sourcing solution covering base resins, reinforcement materials, curing agents, finishing products and application-specific consumables. Its wholly owned subsidiary, CPPL, further strengthens the portfolio through the manufacture of pigments used as colourants and additives in paints, varnishes, dyes, adhesives and other chemical applications.
The Company has dedicated Research & Development and Quality Control departments focused on product development, process improvement and maintaining consistent quality standards. Its manufacturing processes are ISO 9001:2015 certified and supported by modern, automated plant and machinery.
As of March 31, 2026, Amtech Esters had 60 employees across production, sales and marketing, quality control, packaging and dispatch, finance, legal, human resources and management functions.
Competitive Strengths
Diversified portfolio of 79 SKUs across UPRs, pigments and complementary products.
Strong presence across the resin and FRP value chain.
Integrated sourcing solutions for industrial customers.
Modern and automated manufacturing facilities.
High UPR capacity utilisation of 89.11% in FY26.
ISO 9001:2015-certified quality management processes.
R&D and Quality Control capabilities supporting product development and consistency.
Synergies from wholly owned subsidiary Croda Pigments Private Limited.
Experienced promoters, management and sales team.
Promoters
- Ajit Singh Bawa
- Gurpreet Kaur Bawa
- Meenakshi Sharma
Contact details
Amtech Esters Ltd.
Flat No. 102, Plot No. A – 3,
Magnum House 1, Commercial Complex,
Karam Pura, West Delhi, New Delhi,
West Delhi, New Delhi, 110015
Telephone:011-49044111
E-Mail:info@amtechesters.com
Webesite:https://www.amtechesters.com/
Amtech Esters IPO FAQs
- What is the Amtech Esters IPO price band?
- The Amtech Esters IPO price band is ₹71 to ₹75 per share.
- What is the Amtech Esters IPO lot size and minimum investment?
- The Amtech Esters IPO lot size is 1600 shares. The minimum retail investment is ₹2,40,000 for one lot at the upper price band. Retail investors can apply for up to 2 lots (3,200 shares), costing ₹2,40,000.
- When was Amtech Esters IPO open for subscription?
- Amtech Esters IPO was open for subscription from Wed, 9 Sep 2026 to Fri, 11 Sep 2026.
- What is the Amtech Esters IPO subscription status?
- Amtech Esters IPO was subscribed 25.78x overall: QIB 15.07x, NII 32.68x and retail 28.93x. Day-wise and category-wise figures are on the subscription page.
- What was the Amtech Esters IPO GMP before listing?
- The last Amtech Esters IPO GMP before listing was +₹16 (+21.33% against the upper price band of ₹75), implying an estimated listing price of ₹91. Across 10 days of tracking, GMP ranged from +₹7 (07 Sep) to +₹16 (16 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Amtech Esters IPO allotment date?
- The Amtech Esters IPO basis of allotment was finalised on Tue, 15 Sep 2026. You can check your allotment status on the Maashitla Securities Pvt. Limited website.
- What is the Amtech Esters IPO listing date?
- Amtech Esters IPO listed on BSE on Thu, 17 Sep 2026.
- Is the Amtech Esters IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Amtech Esters IPO?
- The registrar for the Amtech Esters IPO is Maashitla Securities Pvt. Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.