Last day to subscribe to Ami Organics IPO, issue oversubscribed by almost four times

• Speciality chemicals firm Ami Organics was fully subscribed on the first day of bidding on September 1.
• So far, in the last two days of issue, it has received good response from retail investors followed by institutional investors.
• The grey market premium is indicating a strong premium of over ₹150.

Speciality chemical company Ami Organics launched its initial public offering (IPO) on September 1. Today, September 3, is the last day to subscribe to its IPO.

In the last few months, three speciality 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.

Enthuthiasm around Ami Organics IPO is huge given the IPO was fully subscribed in the first few hours on the first day of bidding. As of September 2, the IPO has been oversubscribed by 3.90 times.

The IPO has received bids for 2.55 crore equity shares against the IPO size of 65.36 lakh equity shares.

With the IPO proceeds, the Gujarat-based specialty chemicals company will pay off its debt worth ₹140 crore and become debt-free, Naresh Patel, chief managing director of Ami Organics, said in an interview with Business Insider.

The grey market indicates a premium of over ₹150 on the issue price. It has set a price band of ₹603 to ₹610.

Here are some important dates related to the IPO:

The company is looking to raise ₹200 crore through fresh issue of shares and 60.59 lakh shares through offer for sale by promoters. Overall, the company is aiming to raise ₹570 crore on the upper price band of ₹603 to ₹610 per share.

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