Amtech Esters IPO GMP today is Rs 16. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
AMTECH
Amtech Esters IPO GMP & Allotment
Amtech Esters is engaged in the business-to-business manufacturing of unsaturated polyester resins while also trading in complementary products such as fiber resins, hardeners, silicones, and other ancillary materials. The company’s operations are predominantly driven by its manufacturing vertical, supported by an extensive product portfolio that caters to diverse industrial applications. The core manufacturing activities are centralized in Haryana, where the company operates its primary facility alongside a new plant currently under construction in Asoda. Revenue generation is heavily reliant on its unsaturated polyester resins segment, which contributes a significant majority of its total operational income. In addition to its primary resin business, the company maintains a vertically integrated operational structure through its wholly owned subsidiary, Croda Pigments Private, which specializes in the manufacturing of pigments used as colorants and additives across various industrial and household sectors.
- IPO Price Band
- ₹71.00 - ₹75.00
- Lot Size
- 1,600 Shares
- Bidding Closes
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
Current GMP Status
₹16
+21.33% vs upper band
Est. Listing Gain
+33.33%
Last Trend
16 Sept 2026
Listing Price
₹100.00
Retail Entry
₹2,40,000
IPO Details
Complete IPO information
| IPO Open Date | 09 Sept 2026 |
|---|---|
| IPO Close Date | 11 Sept 2026 |
| IPO Price Band | ₹71.00 - ₹75.00 |
| Lot Size | 1,600 Shares |
| Current GMP | ₹16 |
| Estimated Listing Gain | +33.33% |
| Issue Size | Approx ₹17.88 Cr |
| Fresh Issue | Approx ₹17.88 Cr |
| Issue Type | SME |
| IPO Listing | NSE, BSE |
| Retail Quota | TBA |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Overall Subscription | 23.97x |
| Minimum Investment | ₹2,40,000 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 4.53 | 68.22 | 15.07x |
| NII | 4.61 | 111.36 | 24.17x |
| Retail | 7.94 | 229.57 | 28.93x |
| Overall Subscription | 17.07 | 409.15 | 23.97x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Amtech Esters is priced at ₹75 per share. With a minimum lot size of 1,600 shares, a retail investor applying for one lot would need approximately ₹2,40,000 to participate in this SME issue.
The latest recorded Grey Market Premium for Amtech Esters stands at ₹16, implying an estimated listing gain of around 21.33% over the issue price if it holds until listing. This is up ₹2 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Amtech Esters's IPO was subscribed 23.97x overall, with a category-wise breakdown of Retail 28.93x, QIB 15.07x, NII 24.17x.
Among the strengths highlighted in Amtech Esters's IPO documents: Broad product portfolio of unsaturated polyester resins and complementary chemicals.; Established a vertically integrated business model with its subsidiary Croda Pigments..
Investors should also weigh the risk factors Amtech Esters has disclosed, including: High revenue dependence on unsaturated polyester resins exposes the business to concentration risk..
A share of Amtech Esters's issue proceeds is earmarked for Repayment Of Borrowings: 4.2 (23.49%).
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
09 Sept 2026
✓
Bidding Closes
11 Sept 2026
✓
Allotment
15 Sept 2026
✓
Listing
17 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 Sept 2026 | ₹13.00 | +₹2.00 | 17.33% |
| 11 Sept 2026 | ₹11.00 | - | 14.67% |
| 10 Sept 2026 | ₹11.00 | +₹5.00 | 14.67% |
| 09 Sept 2026 | ₹6.00 | - | 8.00% |
| 08 Sept 2026 | ₹6.00 | +₹1.00 | 8.00% |
| 07 Sept 2026 | ₹5.00 | - | 6.67% |
| 06 Sept 2026 | ₹5.00 | - | 6.67% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 3,200 | ₹2,40,000 |
| Retail Maximum | 2 Lot | 3,200 | ₹2,40,000 |
| S-HNI Minimum | 3 Lot | 4,800 | ₹3,60,000 |
| S-HNI Maximum | 8 Lot | 12,800 | ₹9,60,000 |
| B-HNI Minimum | 9 Lot | 14,400 | ₹10,80,000 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 4.2 (23.49%)
- Working Capital 5.4 (30.20%)
- General Corporate Purpose 4.87 (27.24%)
Issue Notes
Important takeaways before applying
Strengths
- Broad product portfolio of unsaturated polyester resins and complementary chemicals.
- Established a vertically integrated business model with its subsidiary Croda Pigments.
- Upcoming capacity expansion with a new manufacturing facility in Asoda, Haryana.
- Strong quality assurance ensures consistent and standardized product excellence.
- Experienced promoter group and senior management with deep industry expertise.
Risks
- High revenue dependence on unsaturated polyester resins exposes the business to concentration risk.
- Operations are heavily concentrated in a single geographical region in Haryana.
- Subject to stringent environmental and safety regulations regarding hazardous chemicals.
- Delays in the subsidiary’s capital expenditure plans could adversely impact expected financial growth.
- Any inability to generate adequate demand for the new Asoda facility may affect profitability.
Analysis
Amtech Esters IPO Reservation
The Amtech Esters IPO reservation divides the offered shares among anchor investors, qualified institutional buyers, non-institutional investors and retail investors. The category-wise allocation gives investors a clear view of how the IPO shares are distributed across different investor groups.
Anchor investors receive a separate allocation before the public subscription begins, while the remaining shares are distributed among QIB, NII and retail categories according to the issue structure.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | 6,76,800 Shares | 28.39% |
| QIB (Ex. Anchor) | 4,52,800 Shares | 18.99% |
| NII Shares Offered | 3,40,800 Shares | 14.30% |
| Retail Shares Offered | 7,93,600 Shares | 33.29% |
Note: The reservation percentages and share quantities are based on the provided Amtech Esters IPO issue structure.
Analysis
Amtech Esters IPO Anchor Investors
The Amtech Esters IPO anchor investor bidding is scheduled for September 8, 2026, one day before the public issue opens. Anchor allocation gives eligible institutional investors an opportunity to participate in the issue ahead of the general subscription period.
The anchor investor details, including the number of shares offered and applicable lock-in information, are provided below along with the official allocation document.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 8, 2026 |
| Anchor Investors List | |
| Shares Offered | 6,76,800 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date – 50% Shares (90 Days) | 2026 |
Note: Anchor size and lock-in dates are shown as provided. The final anchor allocation and applicable lock-in dates should be verified from the official anchor investor allocation document.
Analysis
Amtech Esters IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for Amtech Esters IPO is tentative and subject to change.
Analysis
Amtech Esters IPO Promoters and Holding Pattern
The promoters of Amtech Esters are Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma. Together, the promoter and promoter group hold 62.35% of the company's pre-IPO shares. After the IPO, their holding is expected to reduce to 45.52%, reflecting the increase in the company's overall share capital.
The post-IPO holding pattern shows a higher shareholding for other investors, while the promoter shareholding percentage declines even though the number of shares held by the promoter and promoter group remains unchanged.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 40,18,776 | 62.35% | 40,18,776 | 45.52% |
| Others* | 24,26,392 | 37.65% | 48,10,392 | 54.48% |
| Total | 64,45,168 | 100% | 88,30,168 | 100% |
Note: The holding pattern is based on the shareholding details provided for the Amtech Esters IPO. *Others includes shareholders other than the promoter and promoter group.
Analysis
Amtech Esters Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding capital expenditure for a wholly owned subsidiary | 3.41 (19.07%) |
| Meeting the working capital requirements of a wholly owned subsidiary | 5.4 (30.20%) |
| Repayment or prepayment of certain borrowings | 4.2 (23.49%) |
| General corporate purposes | 4.87 (27.24%) |
Note: Objectives are as specified in the DRHP/RHP documents of Amtech Esters.
Analysis
Amtech Esters About Ipo
Amtech Esters, founded in May 2002, is one of the leading chemical manufacturing firms that manufactures Unsaturated Polyester Resins (UPRs). This chemical is used to make materials such as resin and fiberglass-reinforced plastic (FRP) products. The company’s product portfolio includes Unsaturated Polyester Resins, fibreglass, hardeners, silicones and other ancillary products used in various industrial applications.
Amtech Esters also operates its business through its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), which is involved in the manufacture of pigments used as colourants and additives in paints, varnishes, dyes, glues, gums and other chemical applications. Its manufacturing facilities are situated in Bahadurgarh, Jhajjar, Haryana, which comprises modern and automated plant and machinery.
Analysis
Amtech Esters Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 27.24 Cr. | 23.84 Cr. | 2.84 Cr. | 24.79 Cr. |
| 2025 | 36.97 Cr. | 31.81 Cr. | 3.72 Cr. | 27.86 Cr. |
| 2026 | 40.75 Cr. | 35.01 Cr. | 4.22 Cr. | 34.47 Cr. |
Note: Financial numbers for Amtech Esters are in ₹ Crores unless stated otherwise.
Analysis
Amtech Esters Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 24.17% |
| ROCE | 30.16% |
| EBITDA Margin | 18.41% |
| PAT Margin | 10.38% |
| Debt to Equity Ratio | 0.17 |
| Earning Per Share (EPS) | 6.55 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 24.17% |
| Net Asset Value (NAV) | 30.38 |
Note: Valuation KPIs for Amtech Esters are computed for FY2026.
Analysis
Amtech Esters IPO Peer Group Comparison
To Be Updated Soon
Analysis
Amtech Esters IPO Lead Managers aka Merchant Bankers
- Credora Partners Pvt.Ltd.
Comparison
Compare Amtech Esters IPO with similar IPOs
FAQ
Amtech Esters IPO FAQs
Amtech Esters IPO price band is Rs 71.00 to Rs 75.00. Check the latest issue price, lot size and GMP together before applying.
Amtech Esters IPO open date is 09 Sept 2026, close date is 11 Sept 2026, and listing date is 17 Sept 2026.
Amtech Esters IPO lot size is 1,600 shares. The minimum retail investment is Rs 2,40,000.
Amtech Esters is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Amtech Esters IPO subscription status currently shows Retail 28.93x, QIB 15.07x, NII 24.17x, Overall 23.97x.
Amtech Esters is engaged in the business-to-business manufacturing of unsaturated polyester resins while also trading in complementary products such as fiber resins, hardeners, silicones, and other ancillary materials. The company’s operations are predominantly driven by its manufacturing vertical, supported by an extensive product portfolio that caters to diverse industrial applications. The core manufacturing activities are centralized in Haryana, where the company operates its primary facility alongside a new plant currently under construction in Asoda. Revenue generation is heavily reliant on its unsaturated polyester resins segment, which contributes a significant majority of its total operational income. In addition to its primary resin business, the company maintains a vertically integrated operational structure through its wholly owned subsidiary, Croda Pigments Private, which specializes in the manufacturing of pigments used as colorants and additives across various industrial and household sectors.
Amtech Esters IPO issue size is 17.88 and the expected allotment date is 15 Sept 2026.
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