Shares of Surat-based speciality chemicals manufacturer Ami Organics made a strong debut on the stock market on Tuesday after its initial public offering (IPO) received a good response.

The stock got listed at Rs 910 on the National Stock Exchange (NSE) at a premium of over 49 per cent above its issue price of Rs 610. The stock climbed further to Rs 941.40, up over 50 per cent, at 12:15 pm.

On the Bombay Stock Exchange (BSE), the stock debuted at Rs 902, up nearly 48 per cent. It also climbed further to over 50 per cent during the afternoon trading session.

Read | Ami Organics IPO: Check price band, GMP and other key details

The 570 crore IPO of Ami Organics was available for subscription from September 1-3 and was subscribed over 64.54 times. The IPO comprised a fresh issue worth Rs 200 crore and an offer for sale of Rs 369.64 crore. The company had also raised Rs 170 crore from anchor investors

The portion set aside for qualified institutional buyers (QIBs) was subscribed over 86 times and the quota for non-institutional investors attracted over 154 times subscription. The retail portion was subscribed 13.36 times.

Experts remain optimistic about Ami Organics long term performance in view of the company’s financials and growth of R&D-based pharma companies and speciality chemicals manufacturing companies on the stock market.

The company plans to use the proceeds from the IPO for repaying debts, towards working capital and for other general corporate purposes.

Ami Organics manufactures 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.

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