Ami Organics IPO price band fixed at Rs 603-610, to raise Rs 570 crore
- ByAyushi Ray | August 27, 2021
Specialty chemical firms Ami Organics IPO price band fixed at Rs 603-610, to raise Rs 570 crore. The IPO consists of a fresh issue of Rs 200 crore and an offer for sale (OFS) of 60,59,600 equity shares by 20 shareholders including Kiranben Girishbhai Chovatia, Parul Chetankumar Vaghasia, Girishkumar Limbabhai Chovatia, and Aruna Jayantkumar Pandya. The company plans to raise Rs 569.63 crore at the higher end of the price band. The minimum bid lot size is 24 equity shares and in multiples of 24 equity shares. Retail investors can subscribe for a minimum of Rs 14,640 worth of shares in a single lot, and the maximum investment would be Rs 1,90,320 for 13 lots.
The fresh issue size has been reduced to Rs 200 crore from Rs 300 crore after the company raised Rs 100 crore in a pre-IPO placement issue. The company will utilise net proceeds from its fresh issue for repaying of debts and working capital requirements. Promoters – Nareshkumar Ramjibhai Patel, Chetankumar Chhaganlal Vaghasia, Shital Nareshbhai Patel, and Parul Chetankumar Vaghasia have 45.17 percent pre-offer shareholding in the company. he specialty chemicals manufactured by the company are mainly used for the development and manufacturing of advanced pharmaceutical intermediates for regulated and generic active pharmaceutical ingredients (APIs) and New Chemical Entities (NCE), and key starting material for agrochemical and fine chemicals.
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