Amtech Esters IPO
Chemicals • ₹17.88 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- SME listing with thinner post-listing liquidity
- Amtech Esters has significant product concentration in unsaturated polyester resins (UPRs)…
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹75
Lot Size
1600 shares
Issue Size
₹17.88 Cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
13.7×
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 16 Sept 2026 |
About Amtech Esters
Amtech Esters Limited is a B2B manufacturer of unsaturated polyester resins (UPRs) and also trades in complementary products used in resin and fibre-reinforced plastic (FRP) applications. Its product portfolio includes different grades of UPRs, fibreglass products, hardeners, silicones, and ancillary products. Through its wholly owned subsidiary, Croda Pigments Pvt Ltd (CPPL), the company also manufactures pigments used as colourants and additives in industrial and household applications. The company’s products are used across industries, including automotive, electrical and switchgear, fashion and apparel accessories, decorative products, and other industrial applications. Amtech operates manufacturing facilities in Bahadurgarh, Haryana. Its UPR manufacturing facility has an installed capacity of 2,960 MTPA, while CPPL’s pigment manufacturing facility has an installed capacity of 382.20 MTPA as of March 31, 2026. Use of proceeds: The IPO is a fresh issue of shares. So, the net proceeds from the fresh issue will go to the company and will be utilised for the following purposes: Investment in its wholly owned subsidiary, Croda Pigments Pvt Ltd, by way of debt — Rs 8.81 crore a. Towards capital expenditure requirements of the wholly owned subsidiary b. To meet the incremental working capital requirements of the wholly owned subsidiary Repayment or prepayment, in full or in part, of certain borrowings availed by the company — Rs 3.98 crore Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Company Details
Founders / Promoters
Mr. Ajit Singh Bawa
Founded
2002
Registrar
Maashitla Securities Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Amtech Esters — IPOFins Verdict
QuantitativeDriven by QIB demand at 9.8x and moderate disclosed risk (6/10), Amtech Esters listed at a premium of 33.3% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- Amtech Esters has a diversified product portfolio across its manufacturing and trading operations. Its portfolio consists of 79 SKUs, including unsaturated polyester resins (UPRs), fibre resin product
- Amtech Esters is ISO 9001:2015 certified for Quality Management Systems, ISO 14001:2015 certified for Environmental Management Systems, and ISO 45001:2018 certified for Occupational Health & Safety Ma
- The company claims to have dedicated in-house research and development (R&D) and quality control capabilities. Its research & development and quality control department undertakes product testing, mon
- The acquisition of Croda Pigments Pvt Ltd (CPPL) has added a vertically aligned business to the group. Amtech holds 100% of CPPL, which manufactures pigments complementary to its UPR and allied chemic
- The company has recorded consistent growth in revenue from operations and PAT. Revenue from operations stood at Rs 24.60 crore, Rs 36.89 crore, and Rs 40.67 crore in FY24, FY25 and FY26, respectively,
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +1.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹75
Listing Price
₹100
Listing Gain/Loss
+33.33%
Listing Date
16 Sept 2026
Price Since Listing
Returns are measured against the ₹75 issue price.
Listing
₹100
+33.3%
1 Week
₹110.9
+47.9%
Current
₹114
+52.0%
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FAQ
What is the price band of Amtech Esters IPO?
The price band is ₹75 per share with a lot size of 1600 shares. Minimum investment: ₹1,20,000.
What does Amtech Esters do?
Amtech Esters Limited is a B2B manufacturer of unsaturated polyester resins (UPRs) and also trades in complementary products used in resin and fibre-reinforced plastic (FRP) applications. Its product portfolio includes different grades of UPRs, fibreglass products, hardeners, silicones, and ancillary products. Through its wholly owned subsidiary, Croda Pigments Pvt Ltd (CPPL), the company also manufactures pigments used as colourants and additives in industrial and household applications. The company’s products are used across industries, including automotive, electrical and switchgear, fashion and apparel accessories, decorative products, and other industrial applications. Amtech operates manufacturing facilities in Bahadurgarh, Haryana. Its UPR manufacturing facility has an installed capacity of 2,960 MTPA, while CPPL’s pigment manufacturing facility has an installed capacity of 382.20 MTPA as of March 31, 2026. Use of proceeds: The IPO is a fresh issue of shares. So, the net proceeds from the fresh issue will go to the company and will be utilised for the following purposes: Investment in its wholly owned subsidiary, Croda Pigments Pvt Ltd, by way of debt — Rs 8.81 crore a. Towards capital expenditure requirements of the wholly owned subsidiary b. To meet the incremental working capital requirements of the wholly owned subsidiary Repayment or prepayment, in full or in part, of certain borrowings availed by the company — Rs 3.98 crore Funding inorganic growth through unidentified acquisitions and general corporate purposes.
Should I apply for Amtech Esters IPO?
Amtech Esters listed at ₹100 (+33.3% premium to the ₹75 issue price) after 13.7x subscription. IPOFins Score 7/10: Driven by QIB demand at 9.8x and moderate disclosed risk (6/10), Amtech Esters listed at a premium of 33.3% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Amtech Esters?
Amtech Esters was founded by Mr. Ajit Singh Bawa in 2002.