Amtech Esters IPO
LISTEDSMEListing Performance
▲ 33.33%
Issue Price
₹75
Listing Price
₹100
Listed On
17 Sep 2026
- Price Band
- ₹71 – ₹75
- Lot Size
- 1,600
- Lot Value
- ₹1,20,000
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹1,20,000
About Amtech Esters
The company manufactures and sells unsaturated polyester resins (UPR) and complementary products like fiber resins, hardeners, silicons, and other ancillary products in a B2B business model.
Use of IPO Proceeds
Promoters
Ajit Singh Bawa
Managing Director · age 54
15 years in the Polyster Resin Industry
Master of Arts in Sociology
Pre-issue: 3.46%
Meenakshi Sharma
Gurpreet Kaur Bawa
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Diversified product portfolio across UPRs, fiber resins, hardeners, and silicone products
- •Multiple polyester resin grades for specific applications and performance requirements
- •Serves multiple industries including automotive, electrical, FRP, and cooling towers
- •Customized solutions for strength, durability, mouldability, and surface finish needs
- •Established customer base with revenue concentration showing market presence
- •Non-seasonal business model providing stable operational continuity
Risk Factors (6)
- •Significant revenue concentration in unsaturated polyester resins exposes to demand and pricing pressure risks.
- •First public issue with no formal market history; issue price may not reflect post-listing market price.
- •SME Platform listing on BSE involves higher volatility and lower liquidity compared to main board.
- •Raw material price fluctuations and supply chain disruptions could adversely impact manufacturing costs and margins.
- •Regulatory changes in chemical industry, environmental compliance requirements could increase operational costs.
- •Intense competition in polyester resins market from established and new competitors could pressure profitability.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 23.77x (QIB 15.07x, NII 24.11x, Retail 28.53x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| Retail (max) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1.00x | 1.00x | 15.07x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.77x | 3.52x | 28.53x |
| Total | 1.05x | 2.66x | 23.77x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
28.53x
Allotment Ratio
1 lot per 29 applicants
Allotment Probability
~3.5%
Non-Institutional Investors (NII / HNI)
Subscription
24.11x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
15.07x
Allotment Type
Discretionary allotment
Total Subscription
23.77x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | Maashitla Securities Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹17.88 Cr |
| Fresh Issue | — |
| OFS Size | ₹0.00 Cr |
| Lead Managers | Credora Partners Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 40.67 | 4.22 | 6.55 | — | 25.94% |
| FY24 | 36.89 | 3.72 | — | — | — |
| FY23 | 24.6 | 2.84 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 1.65 | 6.5 | 7.49 |
| Net Worth | 11.64 | 15.36 | 19.58 |
| Cash Flow — Operating | 1.97 | 2.72 | 4.15 |
| Cash Flow — Investing | -1.36 | -3.18 | -3.99 |
| Cash Flow — Financing | 3.11 | -0.94 | -0.91 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
11.5x
Price ÷ EPS
EPS (FY25)
₹7
Earnings per share
RoNW
25.94%
Return on net worth
ROCE
30.16%
as reported in filing
EBITDA margin
18.4%
EBITDA ÷ revenue
Price/NAV
2.47x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | ₹10.00 Cr |
| Issued Capital | — |
| Paid-up Capital | ₹6.45 Cr |
| Equity Shares (Pre-Issue) | 64,45,168 |
| Equity Shares (Post-Issue) | — |
| Preference Shares | 0 |
Source: Amtech Esters offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Amtech Esters's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Amtech Esters's filing.
Source: Amtech Esters offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Amtech Esters offer document (DRHP/RHP).
Board & Management
Board of Directors (4)
- Ajit Singh Bawa₹0.39 Cr p.a.
Managing Director
24 years of experience in the industry
- Gurpreet Kaur Bawa
Non-Executive Director
15 years of experience in the industry
- Rahul Sharma
Non-Executive Independent Director
- Paras Suri
Non-Executive Independent Director
Key Managerial Personnel (3)
- Ajit Singh Bawa₹0.39 Cr p.a.
Managing Director
24 years of experience in the industry
- Sandeep Pandey
Chief Financial Officer
- Anjali Bansal
Company Secretary & Compliance Officer
Source: Amtech Esters offer document (DRHP/RHP).
Industry & Market
Per World Economic Outlook Update, July 2026; Indian Chemical Industry data, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Amtech Esters Limited | — | 6.55 | — | — |
Material Litigation
The company has one outstanding tax proceeding: a GST Show Cause Notice (Delhi) involving ₹18.70 lakhs under Section 73, which is below the materiality threshold of ₹17.97 lakhs. There are no other material civil, criminal, or regulatory litigations involving the company, its promoters, directors, or key personnel.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Maashitla Securities Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Amtech Esters IPO opening?
The Amtech Esters IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Amtech Esters IPO?
The price band for the Amtech Esters IPO is ₹71 to ₹75. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Amtech Esters IPO?
The minimum lot size is 1600 shares with a minimum investment of ₹1,20,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Amtech Esters IPO today?
The latest Grey Market Premium for Amtech Esters is ₹7 (+9.33%). GMP is unofficial data and is not a guarantee of listing price.
When will the Amtech Esters IPO list on NSE and BSE?
The Amtech Esters IPO is expected to list on 17 Sep 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Amtech Esters IPO allotment status?
The registrar for this IPO is Maashitla Securities Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Amtech Esters IPO a mainboard or SME issue?
Amtech Esters is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Amtech Esters IPO?
You can apply for the Amtech Esters IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Amtech Esters IPO?
The GMP-implied price (unofficial, not a forecast) is ₹82: the upper price band of ₹75 plus the latest grey market premium of ₹7, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Amtech Esters IPO?
Based on the retail subscription of 28.53x, the estimated allotment ratio is 1 lot per 29 applicants (approximately 3.5% chance of allotment). This is an estimate and actual allotment may vary.
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| Ravita Engineering Services | 22 Oct 2026 | +0.00% |
| Vaibhav Vyapaar | 21 Oct 2026 | -2.04% |
| R.K.Fashion Accessories | 12 Oct 2026 | -2.44% |
Related IPOs
Related Articles
How to Use 10 Minutes of Research to Validate Any IPO Video You Watch
SEBI now requires issuers to publish a 10-minute IPO disclosure video. Here is a practical, source-by-source method to verify what you watch against the DRHP and official exchange records in about ten minutes.
Read more →
How-ToHow to Read Past IPO Data to Set Realistic Listing Gain Targets
Median listing gains fell to 3.8% in 2025 from 15.2% in 2024. Here is how to read past IPO data, GMP, and subscription numbers to set realistic listing day expectations instead of chasing hype.
Read more →
How-ToHow to Compare an IPO With Listed Peers Using Key Ratios and Growth Metrics
A practical framework for Indian retail investors on comparing an IPO with its listed peers using P/E, P/B, EV/EBITDA and growth metrics, illustrated with the NSE vs BSE case study.
Read more →