Amtech Esters IPO Lists at 33.33% Premium at ₹100 on BSE

Amtech Esters shares made a strong stock market debut on September 17, 2026, listing at ₹100 per share on the BSE, a 33.33% premium over the IPO issue price of ₹75 per share.

The listing followed the company’s ₹17.88 crore IPO, which was open for subscription from September 9 to September 11, 2026. The issue witnessed strong investor interest and was subscribed 25.70 times by the end of the bidding period.

Amtech Esters’ IPO comprised entirely a fresh issue of ₹17.88 crore, with no offer-for-sale component.

Founded in May 2002, Amtech Esters manufactures Unsaturated Polyester Resins (UPRs) and other products used across industrial applications. Its portfolio includes UPRs, fibreglass, hardeners, silicones and ancillary products. The company also operates through its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), which manufactures pigments used across paints, varnishes, dyes, glues, gums and other chemical applications.

Amtech Esters IPO Listing Details

Amtech Esters launched its ₹17.88 crore IPO, comprising entirely a fresh issue of ₹17.88 crore. The bidding window opened on September 9 and closed on September 11, 2026.

The IPO price band was fixed at ₹71 to ₹75 per equity share, with a face value of ₹10 per share. The minimum retail application was 3,200 shares, requiring an investment of ₹2,40,000 at the upper end of the price band.

The IPO received an overall subscription of 25.70 times by the end of the bidding period. Qualified Institutional Buyers subscribed 15.07 times, Non-Institutional Investors 32.32 times and the retail portion was subscribed 28.93 times.

Amtech Esters subsequently made its stock market debut at ₹100 per share on the BSE against the issue price of ₹75 per share, resulting in a listing premium of 33.33%.

• Issue Price: ₹75 per share
• BSE Listing Price: ₹100 per share
• BSE Listing Premium: 33.33%
• IPO Size: ₹17.88 crore
• Fresh Issue: ₹17.88 crore
• Offer for Sale: Not Applicable
• Minimum Retail Application: 3,200 shares
• Minimum Retail Investment: ₹2,40,000
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Allotment Date: September 15, 2026
• Listing Date: September 17, 2026
• Exchange: BSE

First-Day Trading Performance

Listing Price: Amtech Esters share price debuted at ₹100 per share on the BSE against the IPO issue price of ₹75, resulting in a listing premium of 33.33%.

The positive debut followed the company’s ₹17.88 crore IPO, which received an overall subscription of 25.70 times by the end of the bidding period.

Investor demand was led by Non-Institutional Investors, whose portion was subscribed 32.32 times. The retail portion was subscribed 28.93 times, while the Qualified Institutional Buyer category was subscribed 15.07 times.

The listing performance indicated that the stock entered the secondary market above the price at which shares were offered to IPO investors.

Growth Drivers and Challenges

Growth Drivers

Established Operating History: Founded in May 2002, Amtech Esters has more than two decades of experience in the chemical manufacturing industry.

Diversified Product Portfolio: The company manufactures Unsaturated Polyester Resins, fibreglass, hardeners, silicones and other ancillary products catering to different industrial applications.

Complementary Business Presence: Through its wholly owned subsidiary, Croda Pigments Private Limited, the company also has exposure to the pigments business.

Manufacturing Infrastructure: The company’s manufacturing facilities in Bahadurgarh, Jhajjar, Haryana, comprise modern and automated plant and machinery.

Multiple End-Use Applications: Its products are used across FRP products, paints, varnishes, dyes, glues, gums and other chemical applications.

Challenges

Raw Material Exposure: Chemical manufacturing operations may be affected by changes in the availability and prices of key raw materials.

Manufacturing Risks: Operations are exposed to risks associated with plant utilisation, production disruptions and maintenance requirements.

Subsidiary Dependence: A portion of the IPO proceeds is intended for investment in Croda Pigments Private Limited, making the subsidiary’s execution and performance relevant to the company’s growth plans.

Working Capital Requirements: The business requires adequate working capital to support manufacturing operations and growth.

Industry Competition: The company operates in competitive chemical and industrial product markets, which may affect pricing and business growth.

Utilisation of IPO Proceeds

Amtech Esters’ IPO comprised entirely a fresh issue of ₹17.88 crore, with the proceeds intended to support the company and its subsidiary’s funding requirements.

A portion of the proceeds will be invested in the company’s wholly owned subsidiary, Croda Pigments Private Limited, by way of debt. These funds are intended to support the subsidiary’s capital expenditure requirements and incremental working capital needs.

The company also intends to utilise a portion of the proceeds towards repayment or prepayment of its existing borrowings.

The remaining proceeds are intended to be used for general corporate purposes.

The public issue comprised:

• Fresh Issue: ₹17.88 crore
• Offer for Sale: Not Applicable
• Total IPO Size: ₹17.88 crore

Business and IPO Overview

Founded in May 2002, Amtech Esters is a chemical manufacturing company engaged in the production of Unsaturated Polyester Resins (UPRs). These resins are used in the manufacture of resin-based and fibreglass-reinforced plastic products across various industrial applications.

The company’s product portfolio includes Unsaturated Polyester Resins, fibreglass, hardeners, silicones and other ancillary products.

Amtech Esters operates manufacturing facilities at Bahadurgarh in Jhajjar, Haryana. These facilities comprise modern and automated plant and machinery supporting its chemical manufacturing operations.

The company also operates through its wholly owned subsidiary, Croda Pigments Private Limited. CPPL manufactures pigments used as colourants and additives in paints, varnishes, dyes, glues, gums and other chemical applications.

Amtech Esters entered the public markets through a ₹17.88 crore IPO comprising entirely a fresh issue. The issue opened on September 9 and closed on September 11, 2026, with a price band of ₹71 to ₹75 per share.

The IPO received an overall subscription of 25.70 times by the end of the bidding period. The QIB portion was subscribed 15.07 times, the NII portion 32.32 times and the retail portion 28.93 times.

Amtech Esters made a positive stock market debut on September 17, 2026. Shares listed at ₹100 on the BSE, representing a 33.33% premium over the IPO issue price of ₹75 per share.