Amtech Esters IPO
Chemicals • ₹18cr
High risk because:
- 5 material risk factors disclosed in DRHP
- SME listing with thinner post-listing liquidity
- High revenue dependence on unsaturated polyester resins exposes the business to concentrat…
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹71-75
Lot Size
1600 shares
Issue Size
₹18cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
6.90×
GMP +₹7 → est. ₹82
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 17 Sept 2026 |
About Amtech Esters
Amtech Esters is engaged in the business-to-business manufacturing of unsaturated polyester resins while also trading in complementary products such as fiber resins, hardeners, silicones, and other ancillary materials. The company’s operations are predominantly driven by its manufacturing vertical, supported by an extensive product portfolio that caters to diverse industrial applications. The core manufacturing activities are centralized in Haryana, where the company operates its primary facility alongside a new plant currently under construction in Asoda. Revenue generation is heavily reliant on its unsaturated polyester resins segment, which contributes a significant majority of its total operational income. In addition to its primary resin business, the company maintains a vertically integrated operational structure through its wholly owned subsidiary, Croda Pigments Private, which specializes in the manufacturing of pigments used as colorants and additives across various industrial and household sectors.
Company Details
Founders / Promoters
Mr. Ajit Singh Bawa
Founded
2002
Registrar
Maashitla Securities Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Subscription Status
6.90×
Total Subscription
Grey Market Premium (GMP)
Issue Price
₹75
GMP
+₹7
Est. Listing
₹82
Est. Gain
+9.3%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Amtech Esters — IPOFins Verdict
QuantitativeDriven by QIB demand at 1.1x and elevated disclosed risk (7/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Broad product portfolio of unsaturated polyester resins and complementary chemicals.
- Established a vertically integrated business model with its subsidiary Croda Pigments.
- Upcoming capacity expansion with a new manufacturing facility in Asoda, Haryana.
- Strong quality assurance ensures consistent and standardized product excellence.
- Experienced promoter group and senior management with deep industry expertise.
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score 0
Strong retail interest → score +0.5
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.
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FAQ
What is the price band of Amtech Esters IPO?
The price band is ₹71-75 per share with a lot size of 1600 shares. Minimum investment: ₹1,20,000.
What does Amtech Esters do?
Amtech Esters is engaged in the business-to-business manufacturing of unsaturated polyester resins while also trading in complementary products such as fiber resins, hardeners, silicones, and other ancillary materials. The company’s operations are predominantly driven by its manufacturing vertical, supported by an extensive product portfolio that caters to diverse industrial applications. The core manufacturing activities are centralized in Haryana, where the company operates its primary facility alongside a new plant currently under construction in Asoda. Revenue generation is heavily reliant on its unsaturated polyester resins segment, which contributes a significant majority of its total operational income. In addition to its primary resin business, the company maintains a vertically integrated operational structure through its wholly owned subsidiary, Croda Pigments Private, which specializes in the manufacturing of pigments used as colorants and additives across various industrial and household sectors.
Should I apply for Amtech Esters IPO?
Amtech Esters is drawing moderate interest at 6.9x overall subscription (QIB 1.1x, retail 10.4x). IPOFins Score 4/10: Driven by QIB demand at 1.1x and elevated disclosed risk (7/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Amtech Esters?
Amtech Esters was founded by Mr. Ajit Singh Bawa in 2002.