Ami Organics sets IPO price band at Rs 603-610 per share

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On Friday, Ami Organics said it has fixed a price band of Rs 603-610 a share for its initial share sale of Rs 570 crore. The specialty chemical maker’s three-day initial public offer (IPO) is set to open on September 1 and conclude on September 3, the company said in a virtual press conference. The IPO comprises an offer for sale of up to 60,59,600 equity shares by existing shareholders and a fresh issue of equity shares worth Rs 200 crore.

After raising Rs 100 crore in a pre-IPO placement, the company has reduced its fresh issue size to Rs 200 crore from Rs 300 crore.

Institutional investors to get half of the issue size

The initial share sale is expected to fetch Rs 569.63 crore at the upper end of the price band. Proceeds from the fresh issue will be used towards funding working capital requirements and repayment of certain debt.

Half of the issue size has been reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.

The lead managers to the public issue are Axis Capital Limited, Ambit Private Limited and Intensive Fiscal Services Private Limited. The share of the company would be listed on BSE and NSE.