Ami Organics Ltd. launched its Rs 570-crore initial public offering on Wednesday, joining the companies going public in this year that has seen the best start for maiden offers since 2018 in India.
The specialty chemicals maker is selling shares at Rs 603-610 apiece, seeking a market value of Rs 1,934.8 crore at the upper end of the price band. The three day offer will close on Sept. 3.
The maiden float, according to Ami Organics’ red herring prospectus, comprises a fresh issue of Rs 200 crore and offer-for-sale of Rs 370 crore by promoter Parul Chetankumar Vagasia and other existing shareholders.
The company has made a pre-IPO preferential issue of Rs 101 crore to private equity players Platus Wealth Management, IIFL Opportunities Fund, and Malabar India Fund at Rs 603 apiece.
It plans to use Rs 140 crore to reduce debt and Rs 90 crore to augment working capital requirement. The proceeds from the offer-for-sale won’t come to the company.
Subscription Details: Day 1
The IPO was subscribed 0.47 times as of 11 a.m. on Sept. 1.
Institutional investors: 0 times
Non-institutional investors: 0.25 times
Retail investors: 0.82 times
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