Amtech Esters IPO
SMEAmtech Esters manufactures specialty chemicals and ester-based chemical products used across pharmaceuticals, agrochemicals, cosmetics, and industrial coatings.
Verdict: Neutral
Est. GMP
+₹6 (+8%)
Price range
₹75
Lot size
—
Issue size
—
Allotment
14 Sept
Listing
16 Sept
Review
1. Grey market premium
★★★★★The GMP sits around 8%, offering a thin margin of safety typical of low-demand SME offerings.
2. Company financials
★★★★★The company maintains modest top-line growth, but profit margins remain vulnerable to raw material cost swings.
3. Subscription status
★★★★★Bidding has just opened with initial traction still picking up across investor categories.
4. Anchor investors
★★★★★No significant anchor book disclosure has been made for this SME issue.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹27.24 | ₹23.84 | ₹2.84 | ₹24.79 |
| 2025 | ₹36.97 | ₹31.81 | ₹3.72 | ₹27.86 |
| 2026 | ₹40.75 | ₹35.01 | ₹4.22 | ₹34.47 |
Subscription
Anchor investors
| Anchor size | 5.08 Cr. |
| Shares offered | 6,76,800 Shares |
| Bidding date | September 8, 2026 |
| Lock-in ends (50%, 30 days) | Oct 15, 2026 |
| Lock-in ends (50%, 90 days) | Dec 14, 2026 |
Anchor portion details are not publicly detailed for this SME offering.
Risks
- CyclicalHigh dependence on petrochemical derivatives and raw chemical feedstocks exposes margins to sharp price volatility.
- ConcentrationRevenue relies heavily on a limited set of industrial customers and repeat purchase orders.
- FinancialOperations require significant working capital to manage inventory cycles and trade receivables.
- OtherSME listing constraints create post-listing liquidity risks due to mandated minimum lot sizes.