Amy Organics shares open strong, listing at 48% premium
Amy Organics made a strong start in the stock markets. Its shares were listed at a premium of 48 per cent over the issue price of Rs 610 per share. On BSE, the stock opened with a gain of 47.87 per cent at Rs 902. On NSE, it opened at a premium of 49.18 per cent or Rs 910.
As per data available with NSE, the specialty chemicals maker’s IPO worth Rs 569.63 crore had received bids for 42,22,36,296 shares, while there were 65,42,342 shares on offer. The Qualified Institutional Buyers (QIBs) category was subscribed 86.64 times, non-institutional investors 154.81 times and Retail Individual Investors (RIIs) 13.36 times.
The initial public offering (IPO) had an offer for fresh issue of up to Rs 200 crore and sale of 6,059,600 equity shares. Its price range was Rs 603-610 per share. The company raised Rs 171 crore from anchor investors.
The proceeds from the fresh issue will be used for repayment of certain loans and for financing working capital requirements.
Amy Organics is one of the leading R&D driven manufacturers of specialty chemicals with various end uses, focused towards development and manufacturing of Pharma Intermediates for Regulated and Generic API (Active Pharmaceutical Ingredients) and NCE (New Chemical Unit) and is the major starting material for agrochemicals. and fine chemicals.
This was the company’s second attempt to go public. Earlier, Amy Organics had filed preliminary papers with SEBI in 2018 and obtained regulatory approval to launch the public issue. However, it did not issue an IPO.
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