Ami Organics IPO Subscribed 64.5 Times On Day 3
Investors piled into the Rs 570-crore initial public offering of Ami Organics Ltd. on the final day of subscription.
The IPO was subscribed 64.5 times on the final day, making it the thirteenth-most subscribed issue of the year so far. It was subscribed 1.90 and 3.90 times at the end of the first and second day, respectively.
The specialty chemicals maker was selling shares at Rs 603-610 apiece, seeking a market value of Rs 1,934.8 crore at the upper end of the price band. The three-day offer will close on Sept. 3.
The maiden float, according to Ami Organics’ red herring prospectus, comprised a fresh issue of Rs 200 crore and offer-for-sale of Rs 370 crore by promoter Parul Chetankumar Vagasia and other existing shareholders.
The company had also made a pre-IPO preferential issue of Rs 101 crore to private equity players Platus Wealth Management, IIFL Opportunities Fund, and Malabar India Fund at Rs 603 apiece.
It plans to use Rs 140 crore to reduce debt and Rs 90 crore to augment working capital requirements. The proceeds from the offer-for-sale won’t come to the company.
Subscription Details: Day 3
The IPO was subscribed 64.54 times as of 5 p.m. on Sept. 3.
Institutional investors: 86.64 times
Non-institutional investors: 154.81 times
Retail investors: 13.36 times