Stellar debut: Ami Organics lists at 49.18% premium

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Gujarat-based Ami Organics made a robust listing on the stock exchanges today. Shares of the specialty chemical manufacturer Ami Organics opened at Rs 910 per share on the National Stock Exchange, marking a premium of Rs 300 or 49.18% from the IPO price of Rs 610 per share. On the BSE, Ami Organics opened at Rs 902, at a premium of Rs 292 or 47.87%.

The Rs 569.64-crore initial public offer of the company garnered enthusiastic response from the investors between September 1 and 3 as it got subscribed 64.54 times. The public offering received bids of over 42.22 crore shares against the total issue size of over 65.42 lakh shares, according to the data available with the National Stock Exchange (NSE). Ami Organics shares allocated for the qualified institutional buyers (QIBs) was subscribed 86.64 times. The portion reserved for non-institutional investors was subscribed a whopping 154.81 times while that of retail individual investors (RIIs) was subscribed 13.36 times.

Specialty chemical manufacturer issue comprised of fresh issuance of equity shares of Rs 200 crore, and an offer for sale of up to 60,59,600 equity shares totalling to Rs 369.64 crore by promoters existing shareholders. The company will utilise net proceeds from the fresh issues towards repayment of certain debt, funding working capital requirements and general corporate purposes.

Ami Organics is one of the leading research and development-driven manufacturers of specialty chemicals. The company manufactures different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (API) for New Chemical Entities, and materials for agrochemicals and fine chemicals. The company has three manufacturing facilities in Gujarat situated at Sachin, Ankleshwar & Jhagadia, with an aggregate installed capacity of 6,060 MTPA.

For the financial year ended March 31, 2021, the company reported total revenue of Rs 341.98 crore compared to Rs 238.89 crore in FY19. During the same period, the company profits more than double to Rs 54 crore in FY21 versus Rs 23.23 crore in FY19.