Ami Organics made a strong debut on the exchanges as the shares got listed at Rs 910 apiece, a 49.18 percent premium to the issue price of Rs 610 on the National Stock Exchange.
On the Bombay Stock Exchange, the shares were listed at Rs 902, a premium of 47.87 percent on its issue price. At this price, its market cap is Rs 3,286.62 crores.
The Surat-based speciality chemical makers' IPO comprised of a fresh issue of Rs 200 crore and an offer for sale (OFS) worth Rs 370 crore by existing promoters and shareholders. However, the company did not receive any proceeds from the OFS.
The Rs 570-crore IPO of Ami Organics had seen a stellar subscription of 65 times with a healthy response from all investors. The qualified institutional buyers had subscribed 86.64 times their reserved quota, whereas non-institutional investors had subscribed 154.81 times. Retail investors subscribed 13.36 times their reserved quota.
The company had offered its shares in a price band of Rs 603-610. On listing, the company plans to use these proceeds to repay and prepay certain financial facilities (Rs 140 crore), for funding working capital requirements (Rs 90 crores), and for general corporate purposes.
Ami Organics is an R&D-driven speciality chemical maker. It develops advanced pharma intermediaries for active pharmaceutical ingredients (APIs). It operates in multiple product segments, including agrochemicals, polymers, and cosmetics.
An integrated supplier of global healthcare products, Ami Organics caters to both domestic and international markets covering the North and South Americas, Europe and Asia. The company has a strong market presence in more than 27 countries.