Overview
Updated 12 days agoAmtech Esters Limited is an Indian company engaged in the manufacturing of Unsaturated Polyester Resins (UPR) and trading of complementary products like fiber resins, hardeners, and silicones. The company operates in the B2B segment and has a subsidiary, Croda Pigments Private Limited, which manufactures pigments. The company is planning an initial public offering of up to 23,85,000 equity shares.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| bNII (min) | 9 | 14,400 | ₹10,80,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 3 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Chemicals |
| Price band | ₹71–75 |
| Final issue price | ₹75.00 |
| Face value | ₹10 per share |
| Lot size | 1,600 shares |
| Minimum investment | ₹1,20,000 |
| Issue size | ₹18.00 Cr |
| P/E at upper band | 13.0x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Credora Partners Private Limited |
| NSE symbol | AMTECH |
| ISIN | INE0RMA01019 |
Shareholder quota and promoter holding
Company & business
Amtech Esters Limited, incorporated in 2002, is a B2B manufacturer of Unsaturated Polyester Resins (UPR) and a trader of complementary products including fiber resins, hardeners, and silicones. The company serves various industries such as automotive, construction, and electrical components. Through its subsidiary, Croda Pigments Private Limited, it also manufactures pigments used as colorants and additives. The company operates manufacturing facilities in Haryana and is focused on providing integrated sourcing solutions for the resin and FRP value chain.
Objects of the issue — how the money will be used
- Investment in subsidiary (Croda Pigments Private Limited) for capital expenditure and incremental working capital (₹8.81 Cr)
- Repayment or prepayment of certain borrowings (₹4.2 Cr)
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
Key strengths
- Diversified product portfolio catering to a broad customer base
- Strong quality assurance processes
- Experienced promoter and senior management team
- Synergetic collaboration with subsidiary
- Established supplier network
- Integrated sourcing solutions for customers
Key risks
- Significant dependence on a single product category (UPR)
- Concentration of manufacturing facilities in one state (Haryana)
- Manpower intensive operations susceptible to work stoppages
- Significant trade receivables and potential liquidity issues
- Past instances of non-compliance with regulatory filings
- Negative cash flows from investing and financing activities in the past
- Dependence on a limited number of suppliers and customers
- Risks associated with handling hazardous and inflammable chemicals
Promoters
Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma
Decoded from the DRHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY23 | 22.23 | -- | 0.61 | 12.73 | 8.67 | 1.01 |
| FY24 | 24.60 | -- | 2.84 | 24.79 | 11.64 | 4.49 |
| FY25 | 36.89 | -- | 3.72 | 27.86 | 15.36 | 3.99 |
| Nov-25 | 25.68 | -- | 2.44 | 33.70 | 17.80 | 3.64 |
Key performance indicators · FY25
Peers & valuation
Other Chemicals IPOs
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.