Amtech Esters IPO Date, Review, Price, Allotment Details
Amtech Esters IPO is a SME issue open from 9-11 Sept. The company is raising ₹18 Cr at a price band of ₹71 to ₹75 per share. One lot is 1,600 shares.
Grey market premium
₹0
Implied listing gain: ₹- (0.00%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Amtech Esters IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,20,000
1600 shares at the upper band of ₹75
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
94.4%
₹17 Cr of the ₹18 Cr issue
Revenue growth
+10.2%
31 Mar 2025 → 31 Mar 2026
Profit growth
+13.4%
PAT ₹3.72 Cr → ₹4.22 Cr
Net profit margin
10.4%
was 10.1% in 31 Mar 2025
Debt to equity
0.17
lower is safer
Return on equity
24.17%
ROE
Peer listing record
14 of 21 listed above issue price
median listing move +16.4%
Promoter holding
62.35% → 45.52%
diluted by 16.8 percentage points
Amtech Esters is an SME issue raising ₹18 Cr, offered in a band of ₹71–₹75 per share. At the upper end that is 7.5 times the ₹10 face value, so ₹65 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Amtech Esters needs one lot of 1600 shares, which works out to ₹1,20,000 at the upper band of ₹75. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 9 lots.
For Amtech Esters, bidding runs 9-11 Sept, allotment is finalised on 15 Sep 2026, the shares list on 17 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 4 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 47.38% to qualified institutional buyers, 14.3% to non-institutional investors, 33.29% to retail. At 33.29%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹17 Cr of fresh capital (94.4%) and ₹1 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹36.97 Cr in 31 Mar 2025 to ₹40.75 Cr in 31 Mar 2026 (+10.2%), while profit after tax went from ₹3.72 Cr to ₹4.22 Cr (+13.4%). Growth in profit broadly tracks growth in revenue.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 14.7. Comparing that with the multiple implied by this issue's ₹71–₹75 band is a more useful test of pricing than looking at the grey market premium alone.
Maashitla Securities Pvt.Ltd. is the registrar for this issue, which means the allotment status for Amtech Esters is published on their portal from 15 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What looks good
- A debt-to-equity ratio of 0.17 points to a conservatively funded balance sheet.
- Return on equity of 24.17% is strong for the sector.
What to watch
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
- Promoter holding falls to 45.52% after the issue, below majority control.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 9-11 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹71 to ₹75 |
| Issue Size | ₹18 Cr |
| Lot Size | 1,600 Shares |
| Allotment Date | 15 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Registrar | Maashitla Securities Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 33.29% |
| QIB (Qualified Institutional Buyers) | 47.38% |
| HNI (High Net Worth Individuals) | 14.3% |
IPO Details
| Total Issue Size | 23,84,000 shares (agg. up to ₹18 Cr) |
| Reserved for Market Maker | 1,20,000 shares (agg. up to ₹0.9000 Cr)Nikunj Stock Brokers Ltd. |
| Fresh Issue (Ex Market Maker) | 22,64,000 shares (agg. up to ₹17 Cr) |
| Net Offered to Public | 22,64,000 shares (agg. up to ₹17 Cr) |
| Share Holding Pre Issue | 64,45,168 shares |
| Share Holding Post Issue | 88,29,168 shares |
IPO Timetable (Tentative)
| IPO Open | Wed, Sep 9, 2026 |
| IPO Close | Fri, Sep 11, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Refund | Wed, Sep 16, 2026 |
| Credit of Shares | Wed, Sep 16, 2026 |
| Listing | Thu, Sep 17, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|
| QIB | 11,29,600 | 49.89% | 47.38% |
| − Anchor Investor | 6,76,800 | | 28.39% |
| − QIB (Ex. Anchor) | 4,52,800 | | 18.99% |
| NII (HNI) | 3,40,800 | 15.05% | 14.30% |
| − bNII > ₹10L | 2,27,200 | | 9.53% |
| − sNII < ₹10L | 1,13,600 | | 4.77% |
| Retail | 7,93,600 | 35.05% | 33.29% |
| Firm Reservations |
| Market Maker | 1,20,000 | | 5.03% |
| Total | 23,84,000 | 100.00% | 100.00% |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Individual investors (IND) (Min) | 2 | 3,200 | ₹2,40,000 |
| Individual investors (IND) (Max) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,60,000 |
| S-HNI (Max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (Min) | 9 | 14,400 | ₹10,80,000 |
Company Financials (Restated Consolidated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 34.47 | 27.86 | 24.79 |
| Total Income | 40.75 | 36.97 | 27.24 |
| Profit After Tax | 4.22 | 3.72 | 2.84 |
| EBITDA | 7.49 | 6.50 | 1.65 |
| NET Worth | 19.58 | 15.36 | 11.64 |
| Reserves and Surplus | 13.14 | 12.14 | 8.41 |
| Total Borrowing | 3.41 | 3.99 | 4.49 |
| Amount in ₹ Crore |
Recently Listed IPOs in Industrial Products
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Skytech Infinite Platform Ltd. | SME | ₹22.68 Cr | ₹77 | null | ₹70.30 | -8.70% | ₹46.80 |
| Merritronix Ltd. | SME | ₹70.03 Cr | ₹149 | 11.83 | ₹297.25 | +99.50% | ₹310.35 |
| Adisoft Technologies Ltd. | SME | ₹74.10 Cr | ₹172 | 12.82 | ₹215.25 | +25.15% | ₹196.70 |
| Highness Microelectronics Ltd. | SME | ₹21.67 Cr | ₹120 | 16.7 | ₹129.75 | +8.12% | ₹181.25 |
| Tipco Engineering India Ltd. | SME | ₹60.55 Cr | ₹89 | 8.73 | ₹84.79 | -4.73% | ₹255.20 |
| Gabion Technologies India Ltd. | SME | ₹29.16 Cr | ₹81 | 12.18 | ₹93.41 | +15.32% | ₹128.30 |
| Admach Systems Ltd. | SME | ₹42.60 Cr | ₹239 | 19.56 | ₹200.75 | -16.00% | ₹389.00 |
| Apollo Techno Industries Ltd. | SME | ₹47.96 Cr | ₹130 | 9.43 | ₹151.95 | +16.88% | ₹101.70 |
| HRS Aluglaze Ltd. | SME | ₹50.92 Cr | ₹96 | 26.07 | ₹132.30 | +37.81% | ₹249.80 |
| Purple Wave Infocom Ltd. | SME | ₹31.45 Cr | ₹126 | 9.33 | ₹130.50 | +3.57% | ₹430.35 |
| Shining Tools Ltd. | SME | ₹17.10 Cr | ₹114 | 16.18 | ₹98.80 | -13.33% | ₹107.99 |
| True Colors Ltd. | SME | ₹127.96 Cr | ₹191 | 14.66 | ₹183.05 | -4.16% | ₹151.60 |
| L.T.Elevator Ltd. | SME | ₹39.37 Cr | ₹78 | 12.31 | ₹142.90 | +83.21% | ₹318.00 |
| Airfloa Rail Technology Ltd. | SME | ₹91.10 Cr | ₹140 | 9.57 | ₹279.30 | +99.50% | ₹470.15 |
| Taurian MPS Ltd. | SME | ₹42.53 Cr | ₹171 | 11.29 | ₹220.50 | +28.95% | ₹509.60 |
| Tempsens Instruments (India) Ltd. | Mainboard | ₹650.00 Cr | ₹300 | 34.05 | ₹586.65 | +95.55% | ₹566.30 |
| MV Electrosystems Ltd. | Mainboard | ₹290.00 Cr | ₹425 | -68.88 | ₹624.00 | +46.82% | ₹686.05 |
| Indo-MIM Ltd. | Mainboard | ₹3,812.11 Cr | ₹485 | 44.01 | ₹741.75 | +52.94% | ₹888.00 |
| Lohia Corp Ltd. | Mainboard | ₹1,101.28 Cr | ₹425 | 23.21 | ₹494.60 | +16.38% | ₹540.85 |
| Omnitech Engineering Ltd. | Mainboard | ₹583.00 Cr | ₹227 | 54.47 | ₹204.93 | -9.72% | ₹543.15 |
| Epack Prefab Technologies Ltd. | Mainboard | ₹504.00 Cr | ₹204 | 29.49 | ₹190.66 | -6.54% | ₹225.04 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Investment in the subsidiary, namely Croda Pigments Private Limited, by way of debt:1.Towards capital expenditure requirements of the subsidiary;2.To meet the incremental working capital requirements of the subsidiary | 8.81 |
| 2 | Repayment or prepayment, in full or in part, of certain borrowings availed by the Company | 4.20 |
| 3 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | |
| Total | 13.01 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|
| ROE | 24.17% | 27.58% |
| ROCE | 30.16% | 35.10% |
| Debt/Equity | 0.17 | 0.26 |
| RoNW | 24.17% | 27.58% |
| PAT Margin | 10.28% | 10.09% |
| EBITDA Margin | 18.41% | 17.63% |
| NAV | 30.38 | 23.83 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 6.55 | 4.78 |
| Market Cap at Offer Price | - | ₹66.22 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 62.35% | 45.52% |
| Public | 37.65% | 54.48% |
| Total | 100% | 100% |
About Amtech Esters
Incorporated in May 2002, Amtech Esters Limited is a B2B chemical manufacturing company engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and the trading of complementary products used across the resin and FRP value chain. The Company was originally incorporated as Amtech Esters Private Limited and was subsequently converted into a public limited company in December 2023.
The Company's product portfolio includes Unsaturated Polyester Resins, fibreglass, hardeners, silicones and other ancillary products used in various industrial applications. By offering complementary products alongside its manufactured UPRs, the Company provides customers with an integrated sourcing solution catering to requirements ranging from base resins and reinforcement to curing, finishing and application-specific consumables.
The Company also operates through its wholly owned subsidiary, Croda Pigments Private Limited (CPPL), which is engaged in the manufacturing of pigments used as colourants and additives in paints, varnishes, dyes, glues, gums and other chemical applications. The subsidiary complements and expands the Company's overall product portfolio and operations.
Amtech Esters has established Research & Development and Quality Control departments to support product development, process improvement and quality consistency. The Company holds ISO 9001:2015 certification, reflecting its focus on maintaining standardized quality control processes.
The Company operates manufacturing facilities at Bahadurgarh, Jhajjar, Haryana, equipped with modern and automated plant and machinery.
As of March 31, 2026, the Company had 60 employees across production, sales and marketing, quality control, packaging and dispatch, finance, legal, human resources and management functions.
ISO 9001:2015 certified manufacturing processes.
Diversified product portfolio catering to a broad customer base.
Integrated sourcing solutions across the resin and FRP value chain.
Strong quality assurance supported by R&D and quality control capabilities.
Modern manufacturing facilities equipped with automated plant and machinery.
Synergistic operations with its wholly owned subsidiary, Croda Pigments Private Limited.
Experienced Promoter and senior management supported by a knowledgeable sales team.
Amtech Esters IPO — common questions
What is Amtech Esters IPO?
Amtech Esters IPO is a SME issue open from 9-11 Sept. The company is raising ₹18 Cr at a price band of ₹71 to ₹75 per share. One lot is 1,600 shares.
When does Amtech Esters IPO open and close?
The issue is open 9-11 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Amtech Esters IPO price band?
The price band is ₹71 to ₹75 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Amtech Esters IPO lot size?
The minimum application is 1,600 shares, and bids must be in multiples of that lot.
What is the Amtech Esters IPO issue size?
The total issue size is ₹18 Cr.
How is Amtech Esters IPO reserved between investor categories?
The issue is reserved as retail 33.29%, QIB 47.38%, HNI 14.3%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Amtech Esters IPO allotment date?
Basis of allotment is expected to be finalised on 15 Sep 2026. You can check your status on the registrar's website (Maashitla Securities Pvt.Ltd.) using your PAN.
When does Amtech Esters IPO list?
Listing is expected on 17 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
