Ami Organics IPO oversubscribed 3.90 times by institutional and retail investors on the second day of bidding
- Speciality chemicals firm Ami Organics receives strong response from investors on the second day of IPO bidding as well.
- Overall, Ami Organics IPO was oversubscribed 3.90 times on Thursday.
- The grey market is indicating a strong premium of over ₹150.
AdvertisementAmi Organics IPO continues receiving strong demand from institutional players and retail investors on the second day of its initial public offering (IPO).
The portion reserved for institutional players was subscribed 1.42 times and that of retail investors was subscribed 6.35 times on September 2.
Overall, the IPO was oversubscribed 1.90 times. The IPO received bids for 1.24 crore equity shares as against the issue size of 65.36 lakh equity shares.
Overall, the IPO was oversubscribed 3.90 times. The IPO received bids for 2.55 crore equity shares as against the issue size of 65.36 lakh equity shares.
Enthusiasm around this IPO is also because of the fact that the grey market indicated over ₹150% premium on the issue price.
In the last few months, three specialty chemicals companies -- Clean Science and Technology, Tatva Chintan Pharma Chem and Chemplast Sanmar had hit the market. Except for Chemplast Sanmar, the other two made a strong listing on the exchanges.
Ami Organics IPO opened for subscription on September 1 and will close on September 3. It has set a price band of ₹603 to ₹610.
Here are some of the important details of the Ami Organics IPO:
Overall, the company is aiming to raise ₹570 crore on the upper price band of ₹603 to ₹610 per share. Ami Organics is a research and development driven manufacturer of speciality chemicals.
|Price band||₹603 to ₹610|
|IPO open date||September 1|
|IPO close date||September 3|
|Allotment date||September 8|
|Initiation of refunds||September 9|
|Credit of shares to demat account||September 13|
|IPO listing date||September 14|
Analyst Yash Gupta, equity research analyst at Angel Broking, feels the valuations are very expensive, thereby assigning a ‘neutral’ recommendation to the Ami Organics IPO.
SEE ALSO: Vijaya Diagnostic IPO sees tepid response on the second day of bidding
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