The initial public offering (IPO) Surat-based speciality chemical manufacturer Ami Organics Limited will open for subscription on September 1. The Rs 570 crore IPO will remain open for subscription till September 3.

While brokerages are yet to come out with their reports on the special chemical manufacturer’s IPO, past issues of special chemical manufacturers have enjoyed listing success on the stock market. However, some analysts have maintained a neutral view ahead of the public issue.

AMI ORGANICS IPO SUBSCRIPTION DATE, PRICE BAND, GMP AND MORE

The company’s IPO will open for subscription on Wednesday and close on Friday. The price band for the public issue has been fixed at Rs 603-Rs 610. The minimum lot size for the IPO is 24 shares and in multiples thereof. An investor can bid for a maximum of 13 lots.

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The IPO comprises a fresh issue worth Rs 200 crore and an offer for sale of Rs 369.64 crore. At the upper price band, the issue size is worth Rs 569.64 crore.

It may be noted that the company has reduced its fresh issue size to Rs 200 crore from Rs 300 crore after fundraising of Rs 100 crore in a pre-IPO placement.

The quota reserved for retail investors is 35 per cent while 50 per cent of the portion has been set aside for Qualified Institutional Buyers (QIBs) and 15 per cent for Net Institutional Investors

The share allotment for the Ami Organics IPO is likely to be finalised by September 8 and the refunds for ineligible investors will be processed on September 9. Meanwhile, shares will be credited to the demat accounts of eligible investors on September 13.

Ami Organics is likely to make its debut on the stock market on September 14. Individuals who bid can check subscription status on Link Intime Private Limited, which is the registrar of the IPO.

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Shares of Ami Organics were available at a premium of approximately Rs 50 on the grey market — a marginal drop from Sunday. However, the grey market premium (GMP) is likely to go up ahead of the subscription, according to market observers.

It may be noted that the company manufacturers speciality chemicals and has developed over 400 pharma intermediaries for active pharmaceutical ingredients (APIs) across 17 therapeutic areas. Ami Organics had seen a 41 per cent jump in revenue in FY21 and net profit grew 96 per cent.