Ami Organics' initial public offer (IPO) was oversubscribed on Wednesday -- the first day of the bidding process. The Ami Organics IPO, estimated at Rs 570 crore, opened for subscription earlier in the day, and will close on Friday, September 3. The Surat-based specialty chemical maker's IPO comprises fresh issuance of 32.79 lakh shares (worth Rs 200 crore) and an offer for sale (OFS) of 60.60 lakh shares (Rs 370 crore) by existing stakeholders and promoters.
By 4:20 pm, the Ami Organics IPO received 1.18 crore bids as against the 65.42 lakh shares on offer -- a subscription of 1.81 times, exchange data showed.
Under the Ami Organics IPO, shares are available for bidding in a price band of Rs 603-610. Market participants can bid for Ami shares in lots of 24 units with a maximum limit of 13 lots (312 shares).
At the upper end of the price band, one lot costs Rs 14,640. The company will not receive any proceeds from the OFS.
Amid Organics shares will likely get listed on bourses BSE and NSE on September 14.
Also read: Should you subscribe to Ami Organics IPO?
Founded in 2007, Ami Organics is an R&D-driven specialty chemical maker that develops advance pharma intermediates for active pharmaceutical ingredients. The company operates in multiple product segments, including agrochemicals, polymers and cosmetics.
First Published: IST