Amtech Esters IPO

Incorporated in May 2002, Amtech Esters Limited is a B2B chemical manufacturing company engaged in manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products used across the resin and FRP value chain. Its product portfolio includes UPRs, fibreglass, hardeners, silicones, pigments and other ancillary products. The company operates manufacturing facilities at Bahadurgarh, Jhajjar, Haryana, supported by Research & Development and Quality Control departments. Through its wholly owned subsidiary, Croda Pigments Private Limited, Amtech Esters also operates in the pigments segment. The company follows an integrated sourcing approach, offering products used across different stages of the resin and FRP value chain. Its manufacturing processes are supported by ISO 9001:2015 certification.

Amtech Esters Limited IPO Overview

Amtech Esters IPO is a book-built issue of ₹17.88 crore, comprising an entirely fresh issue of 23.84 lakh shares. The IPO will open for subscription on 9 September 2026 and close on 11 September 2026, with allotment expected to be finalised on 15 September 2026 and listing on the BSE SME platform on 17 September 2026. The price band is set at ₹71–₹75 per share, with a lot size of 1,600 shares. Retail investors must apply for a minimum of 2 lots, or 3,200 shares, requiring an investment of ₹2.40 lakh at the upper price band, while the minimum HNI application is 3 lots, or 4,800 shares, amounting to ₹3.60 lakh. Credora Partners Pvt. Ltd. is the book-running lead manager, Maashitla Securities Pvt. Ltd. is the registrar, and Nikunj Stock Brokers Ltd. is the market maker for the issue.

Amtech Esters Limited IPO Details

Particulars	Details
IPO Date	9 September 2026 to 11 September 2026
Listing Date	17 September 2026
Face Value	₹10 per share
Issue Price Band	₹71 to ₹75
Lot Size	1,600 Shares
Total Issue Size	23,84,000 shares (aggregating up to ₹18 Cr)
Fresh Issue	22,64,000 shares (aggregating up to ₹17 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	64,45,168 shares
Share Holding Post Issue	88,29,168 shares
Market Maker Portion	1,20,000 shares

Amtech Esters Limited IPO Reservation

Investor Category	Shares Offered
QIB	11,29,600 shares, representing 49.89% of the Net Issue
Retail	7,93,600 shares, representing 35.05% of the Net Issue
NII (HNI)	3,40,800 shares, representing 15.05% of the Net Issue
Market Maker	1,20,000 shares on a firm basis

Amtech Esters Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (IND) – Minimum	2	3,200	₹2,40,000
Individual Investors (IND) – Maximum	2	3,200	₹2,40,000
S-HNI – Minimum	3	4,800	₹3,60,000
S-HNI – Maximum	8	12,800	₹9,60,000
B-HNI – Minimum	9	14,400	₹10,80,000

Amtech Esters Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	62.35%
Post-Issue	45.52%

Amtech Esters Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.55
Price/Earnings (P/E) Ratio	To be declared
Return on Net Worth (RoNW)	24.17%
Net Asset Value (NAV)	₹30.38
Return on Equity	24.17%
Return on Capital Employed (ROCE)	30.16%
EBITDA Margin	18.41%
PAT Margin	10.28%
Debt to Equity Ratio	0.17

Objectives of the Proceeds

1. Investment in Croda Pigments Private Limited: ₹8.81 crore towards the subsidiary’s capital expenditure requirements and incremental working capital requirements.

2. Repayment or Prepayment of Borrowings: ₹4.20 crore towards repayment or prepayment, in full or in part, of certain borrowings availed by the company.

3. Inorganic Growth and General Corporate Purposes: Funds will be used for unidentified acquisitions and general corporate purposes, as permitted under the issue documents.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	34.47	27.86	24.79
Revenue / Total Income	40.75	36.97	27.24
Profit After Tax	4.22	3.72	2.84
Reserves and Surplus	13.14	12.14	8.41
Total Borrowings	3.41	3.99	4.49

IPO Strengths

1. ISO 9001:2015 certified manufacturing processes.

2.Diversified product portfolio catering to a broad customer base.

3. Integrated sourcing solutions across the resin and FRP value chain.

4. Strong quality assurance supported by R&D and quality control capabilities.

5. Modern manufacturing facilities equipped with automated plant and machinery.

6. Synergistic operations with its wholly owned subsidiary, Croda Pigments Private Limited.

7. Experienced Promoter and senior management supported by a knowledgeable sales team.

Peer Group Comparison

There are no listed peers operating in this industry. Additionally, no suitable unlisted peers are available that are comparable to Amtech Esters Limited. Therefore, peer comparison information has not been provided.