Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹17.88 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹66.22 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% (incl. anchor) |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Credora Partners |
| Registrar | Maashitla Securities |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 27.24 | 36.97 | 40.75 | +10% |
| EBITDA | 1.65 | 6.50 | 7.49 | +15% |
| PAT | 2.84 | 3.72 | 4.22 | +13% |
| PAT Margin | 10.4% | 10.1% | 10.4% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Amtech Esters | 15.7x | 24.17% | 10.4% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma |
| Pre-issue | 62.35% |
| Post-issue | 45.52% |
| Objects of Issue | |
|---|---|
| Investment in subsidiary Croda Pigments (capex & working capital) | ₹8.81 Cr |
| Repayment of borrowings | ₹4.20 Cr |
| Inorganic growth & general corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Solid returns — ROE ~24% and ROCE ~30%, with low debt (debt/equity ~0.17).
- Fair pricing — ~15.7x post-issue P/E for the returns profile.
- All-fresh issue (no OFS) — proceeds fund the pigments subsidiary and cut debt.
- Sharp margin improvement — EBITDA margin ~18% in FY26, up steeply from FY24.
- Niche resin/FRP maker with a pigments subsidiary (Croda Pigments).
- Very small, thinly-traded SME — ₹18 Cr issue, ~₹66 Cr market cap; low post-listing liquidity and high volatility.
- Growth has cooled — revenue +10% and PAT +13% in FY26, well below FY25's step-up.
- Modest grey market — GMP ~₹7–11 (~9–15%), a small SME premium.
- High minimum ticket (~₹2.4 lakh) limits retail participation; post-issue promoter holding under 50% (~45.5%).
- Commodity-linked resins/FRP — crude-derivative input costs and cyclicality can swing margins.
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Amtech Esters IPO FAQs
Common questions about the Amtech Esters IPO — GMP, price, dates, allotment and more.
What is Amtech Esters IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:54 PM IST (Final, IPOJI) · GMP: Sep 11 (₹7 InvestorGain ~9%; IPOJI no quote)), the grey market premium (GMP) for Amtech Esters IPO is around ₹7, implying an estimated listing price of about ≈ ₹82. GMP is unofficial & indicative
What is Amtech Esters IPO price band?
The price band is ₹71 – ₹75 per share (face value ₹10).
What is Amtech Esters IPO lot size?
The lot size is 1,600 · min ₹2,40,000 per application.
When is Amtech Esters IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will Amtech Esters IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE SME.
What is the expected listing price of Amtech Esters IPO?
Based on the current grey market premium of ₹7, the estimated listing price is around ≈ ₹82 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Amtech Esters IPO?
Our view: Neutral · May Apply
In simple terms, Amtech Esters makes polyester resins and fibreglass (FRP) materials used in things like tanks, panels and coatings, and it earns solid returns on its money with very little debt, at a fair price (about 16 times earnings). Demand closed strongly — the final book is about 25.78 times overall, with individuals ~29 times, NII ~33 times and QIB ~15 times — and the grey market is small (~₹7, ~9%). The things to weigh: it is a very small company (about ₹18 crore raised), growth has cooled to around 10%, and the smallest application is large (about ₹2.4 lakh). It is a reasonable small-company story if you are comfortable with the thin liquidity and volatility of a tiny SME listing, on a strong final-day book. This is IPOSignal's research view, not investment advice.
What is Amtech Esters IPO subscription status?
As of Final · Sep 11, 5:54 PM IST (IPOJI), the issue was subscribed 25.8× overall — NII / HNI 32.7×, Retail 28.9×, QIB 15.1×.
Who is the registrar of Amtech Esters IPO?
The registrar is Maashitla Securities; the lead manager(s): Credora Partners.