Amtech Esters IPO is a book-built SME public issue of Amtech Esters Limited. The company is engaged in manufacturing Unsaturated Polyester Resins (UPRs) and trading complementary products such as fibreglass materials, hardeners, silicone products and other industrial chemicals. The company serves a range of industrial applications through a B2B business model.
The Amtech Esters IPO comprises an entirely fresh issue of 23,84,000 equity shares with a face value of ₹10 each. The price band has been fixed at ₹71 to ₹75 per equity share, making the total issue size approximately ₹17.88 crore at the upper price band. There is no Offer for Sale component.
The company proposes to use the IPO proceeds mainly for investment in its wholly owned subsidiary, Croda Pigments Private Limited, repayment or prepayment of borrowings, and other corporate purposes. The equity shares are proposed to be listed on the BSE SME platform.
Amtech Esters was incorporated in 2002 and converted from a private limited company into a public limited company in December 2023. Its manufacturing operations are based in Bahadurgarh, Jhajjar, Haryana. The company states that it manufactures UPRs in multiple grades and also trades complementary products used across the resin and FRP value chain.
Table of Contents
Amtech Esters IPO Details Information
| IPO Details | Information |
|---|---|
| IPO Name | Amtech Esters IPO |
| Company Name | Amtech Esters Limited |
| IPO Type | Book Building Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹71 to ₹75 Per Share |
| Issue Size | ₹16.93 Crore to ₹17.88 Crore |
| Total Issue Shares | 23,84,000 Equity Shares |
| Fresh Issue | 23,84,000 Equity Shares |
| Offer for Sale | Nil |
| Market Maker Reservation | 1,20,000 Equity Shares |
| Net Issue to Public | 22,64,000 Equity Shares |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Anchor Investor Bidding | 8 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund Initiation | 16 September 2026 |
| Shares Credited to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,600 Equity Shares |
| Minimum Application | 3,200 Shares / 2 Lots |
| Minimum Investment | ₹2,40,000 |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Credora Partners Private Limited |
| Market Maker | Nikunj Stock Brokers Limited |
The issue consists entirely of fresh equity shares. The market maker reservation is 1,20,000 shares, while the net issue after the market maker reservation is 22,64,000 shares.
At the upper price band of ₹75, the total issue size is ₹17.88 crore. The minimum bid is two lots, or 3,200 shares, requiring ₹2,40,000 at the upper band.
Amtech Esters IPO Dates & Timeline
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 8 September 2026 |
| IPO Opening Date | 9 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund / ASBA Unblocking | 16 September 2026 |
| Shares Credited to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 |
The IPO is scheduled to open on 9 September 2026 and close on 11 September 2026. The basis of allotment is expected on 15 September 2026, followed by demat credit and refund processing on 16 September 2026. The proposed listing date is 17 September 2026 on BSE SME.
Amtech Esters IPO Reservation
| Investor Category | Shares Offered | % of Total Issue |
|---|---|---|
| Anchor Investors | 6,76,800 | 28.39% |
| QIB – Excluding Anchor | 4,52,800 | 18.99% |
| NII | 3,40,800 | 14.30% |
| Retail Investors | 7,93,600 | 33.29% |
| Market Maker | 1,20,000 | 5.03% |
| Total | 23,84,000 | 100% |
The investor reservation comprises QIB, NII and retail portions, along with the market maker reservation. The anchor investor portion is part of the QIB allocation.
Amtech Esters IPO Lot Size
| Application | Lots | Shares | Amount at ₹71 | Amount at ₹75 |
|---|---|---|---|---|
| Retail Investors – Minimum | 2 | 3,200 | ₹2,27,200 | ₹2,40,000 |
| Retail Investors – Maximum | 2 | 3,200 | ₹2,27,200 | ₹2,40,000 |
| S-HNI – Minimum | 3 | 4,800 | ₹3,40,800 | ₹3,60,000 |
| S-HNI – Maximum | 8 | 12,800 | ₹9,08,800 | ₹9,60,000 |
| B-HNI – Minimum | 9 | 14,400 | ₹10,22,400 | ₹10,80,000 |
The market lot is 1,600 shares, while the minimum application is two lots, or 3,200 shares. At the upper price band of ₹75, the minimum application amount is ₹2,40,000.
About Amtech Esters Limited
Amtech Esters Limited was incorporated on 21 May 2002 as Amtech Esters Private Limited and was converted into a public limited company on 12 December 2023. The company is headquartered in Haryana and has its registered office in New Delhi.
The company manufactures Unsaturated Polyester Resins, which are used in the production of fiberglass-reinforced plastic and other industrial products. Its product portfolio also includes fibre-resin materials, hardeners, silicone products, pigments and other ancillary products.
Amtech Esters also operates through its subsidiary, Croda Pigments Private Limited. The subsidiary is involved in manufacturing industrial pigments used in applications including paints, varnishes, dyes, adhesives and other chemical products.
The company’s manufacturing and operational facilities are located at Bahadurgarh, Jhajjar, Haryana. Its website states that the existing resin manufacturing capacity is 2,960 MT annually, while a new manufacturing facility under development is expected to add approximately 4,800 MT of capacity.
Business Operations
Amtech Esters operates a B2B industrial chemicals business focused primarily on polyester resins and complementary materials.
- Unsaturated Polyester Resins: The company manufactures UPRs used in FRP and other industrial applications.
- Fibreglass Products: It trades and supplies fibreglass-related materials used in the FRP value chain.
- Hardeners: Hardeners form part of the company’s complementary chemical product portfolio.
- Silicone Products: The company trades silicone-based products for industrial applications.
- Industrial Chemicals: Its portfolio includes various ancillary chemical products.
- Pigments: Through Croda Pigments Private Limited, the group manufactures industrial pigments.
- B2B Distribution: The company supplies industrial customers across India.
- Research and Development: Its operations are supported by in-house R&D and quality-control capabilities.
- Integrated Product Offering: The company provides multiple complementary products used in resin and FRP-related applications.
Industry Overview
The specialty chemicals industry supplies materials used across construction, infrastructure, automotive, marine, fabrication and other industrial sectors. Polyester resins and FRP materials are used in products such as FRP sheets, cooling towers, automobile components, panels, containers, machine covers, sports equipment and other fabricated products.
Amtech Esters operates within this industrial ecosystem by manufacturing UPRs and supplying complementary products. Demand for its products is linked to activity in end-use industries such as infrastructure, construction, transportation, fabrication and industrial manufacturing.
The business is also supported by the growing use of lightweight, corrosion-resistant and durable composite materials. FRP products can be used as alternatives to conventional materials in several applications.
However, the specialty chemicals industry is exposed to fluctuations in raw-material prices, competition, customer demand, regulatory requirements and changes in industrial activity. Margins can also be affected when companies are unable to pass higher input costs to customers.
Business Strategy
Amtech Esters intends to strengthen its operations through investment in manufacturing capacity and its subsidiary.
A significant portion of the IPO proceeds is proposed to be invested in Croda Pigments Private Limited through debt to support capital expenditure and incremental working-capital requirements. The company also proposes to use part of the proceeds for repayment or prepayment of borrowings.
The company has been developing an additional manufacturing facility at Asoda, Bahadurgarh. According to the company’s website, the new unit is expected to provide an additional 4,800 MT of annual resin capacity.
Another part of the strategy is maintaining a diversified product portfolio. The company states that it has more than 50 industrial product SKUs across resins, fibre-resin products, silicones, pigments and ancillary products.
Amtech Esters IPO Financial Information
The company’s financial performance has shown growth in revenue and profitability during the reported financial years. Consolidated total income increased from ₹27.24 crore in FY2024 to ₹36.97 crore in FY2025 and ₹40.75 crore in FY2026. PAT increased from ₹2.84 crore in FY2024 to ₹3.72 crore in FY2025 and ₹4.22 crore in FY2026.
Amtech Esters Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹27.24 Crore | ₹36.97 Crore | ₹40.75 Crore |
| Expenses | ₹23.84 Crore | ₹31.81 Crore | ₹35.01 Crore |
| EBITDA | ₹1.65 Crore | ₹6.50 Crore | ₹7.49 Crore |
| Profit After Tax | ₹2.84 Crore | ₹3.72 Crore | ₹4.22 Crore |
| Net Worth | ₹11.64 Crore | ₹15.36 Crore | ₹17.80 Crore |
| Total Assets | ₹24.79 Crore | ₹27.86 Crore | ₹34.47 Crore |
| Total Borrowings | ₹4.49 Crore | ₹3.99 Crore | ₹3.41 Crore |
The financial figures show improvement in total income and PAT over the three-year period, while borrowings declined from ₹4.49 crore in FY2024 to ₹3.41 crore in FY2026.
Amtech Esters IPO Key Performance Indicators (KPIs)
| KPI | FY2026 | FY2025 |
|---|---|---|
| ROE | 24.17% | 27.58% |
| ROCE | 30.16% | 35.10% |
| RoNW | 24.17% | 27.58% |
| EBITDA Margin | 18.41% | 17.63% |
| PAT Margin | 10.28% | 10.09% |
| Debt / Equity | 0.17 | 0.26 |
| EPS | ₹6.55 | — |
| NAV | ₹30.38 | ₹23.83 |
The FY2026 figures indicate a ROE of 24.17%, ROCE of 30.16%, EBITDA margin of 18.41% and debt-to-equity ratio of 0.17. NAV was ₹30.38 per share.
At the upper issue price of ₹75, the post-issue EPS is reported at approximately ₹4.78, implying a P/E of around 15.7 times.
Objects of the Amtech Esters IPO
The company proposes to utilise the IPO proceeds for the following purposes:
| S. No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Investment in Croda Pigments Private Limited through debt for capital expenditure and incremental working capital | ₹8.81 Crore |
| 2 | Repayment / prepayment of certain borrowings | ₹4.20 Crore |
| 3 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | Balance amount |
The largest identified allocation is ₹8.81 crore towards investment in Croda Pigments Private Limited. The company intends to provide the subsidiary with funds for capital expenditure and incremental working-capital requirements. Another ₹4.20 crore is proposed for repayment or prepayment of borrowings.
The IPO therefore combines subsidiary investment with balance-sheet management and potential inorganic growth opportunities.
Amtech Esters IPO Listing Performance
The Amtech Esters IPO is scheduled to list on BSE SME on 17 September 2026. As of 5 September 2026, the IPO has not yet opened for subscription and the shares have not been listed.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 17 September 2026 |
| Issue Price | ₹71–₹75 |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The actual listing price and listing gain will be available only after trading begins on the BSE SME platform.
Amtech Esters IPO Subscription Status
The IPO is scheduled to open on 9 September 2026 and close on 11 September 2026. As of 5 September 2026, the issue had not yet opened, so official subscription figures were not available.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Investors | To be updated |
| Total Subscription | To be updated |
Subscription data should be updated from exchange figures during the bidding period and after the IPO closes.
Amtech Esters IPO Review
Amtech Esters operates in the specialty chemicals and industrial materials segment, with UPRs forming an important part of its manufacturing business. Its complementary product portfolio includes fibreglass materials, hardeners, silicones, pigments and ancillary products.
One of the positive factors is the company’s recent financial growth. Total income increased from ₹27.24 crore in FY2024 to ₹40.75 crore in FY2026, while PAT increased from ₹2.84 crore to ₹4.22 crore over the same period.
Profitability ratios also remain noteworthy. FY2026 ROE was 24.17%, ROCE was 30.16% and EBITDA margin was 18.41%. The debt-to-equity ratio of 0.17 indicates relatively low leverage compared with the company’s equity base.
Another positive factor is the company’s planned expansion and subsidiary investment. The IPO proposes ₹8.81 crore of investment in Croda Pigments Private Limited for capital expenditure and incremental working capital, while ₹4.20 crore is earmarked for repayment or prepayment of borrowings.
The company also has a diversified industrial product portfolio and an established manufacturing base in Bahadurgarh. Its website highlights more than 50 industrial product SKUs and additional resin capacity being developed at a new facility.
However, investors should also consider the risks. The company operates in a competitive specialty chemicals industry where raw-material price volatility can influence margins. Demand is dependent on several industrial end markets, making the business sensitive to changes in construction, automotive, infrastructure and manufacturing activity.
The company is also relatively small compared with larger chemical manufacturers. Expansion plans require successful execution, adequate utilisation and continued customer demand. Investment in the subsidiary may create additional growth opportunities, but it also introduces execution and capital-allocation considerations.
Promoter holding is expected to decline from 62.35% before the IPO to 45.52% after the issue.
Overall, Amtech Esters IPO presents a specialty-chemical business with improving financial performance, low leverage, a diversified product portfolio and planned capacity expansion. Investors should nevertheless evaluate valuation, industry competition, raw-material risks, subsidiary exposure, expansion execution and SME-market liquidity before making an investment decision.
Amtech Esters IPO Strengths
- More than two decades of operating history.
- Manufacturer of Unsaturated Polyester Resins.
- Diversified product portfolio covering resins, fibreglass materials, hardeners, silicones, pigments and ancillary products.
- B2B customer base serving multiple industrial applications.
- Manufacturing facilities located in Bahadurgarh, Haryana.
- Additional manufacturing capacity is being developed.
- FY2026 total income increased to ₹40.75 crore.
- FY2026 PAT increased to ₹4.22 crore.
- FY2026 EBITDA margin improved to 18.41%.
- FY2026 ROE stood at 24.17%.
- FY2026 ROCE stood at 30.16%.
- Debt-to-equity ratio remained low at 0.17.
- Wholly owned subsidiary provides exposure to the industrial pigment business.
- IPO proceeds are directed partly towards business expansion and debt reduction.
Amtech Esters IPO Risk Factors
- The company operates in a competitive specialty chemicals market.
- Raw-material price fluctuations can affect operating margins.
- Demand is linked to industrial and infrastructure activity.
- The company is relatively small compared with larger chemical manufacturers.
- Expansion projects may face delays or cost overruns.
- Investment in the subsidiary involves capital-allocation and execution risks.
- The business depends on continued demand from B2B customers.
- Changes in environmental and chemical regulations could increase compliance costs.
- The company may face pricing pressure from competitors.
- Promoter holding is expected to decline after the IPO.
- SME-listed shares may experience lower liquidity than mainboard-listed companies.
- Any slowdown in end-user industries can affect product demand.
Amtech Esters IPO Promoters
The promoters of Amtech Esters Limited are Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma. Before the IPO, the promoter and promoter group held 40,18,776 shares, representing 62.35% of the company. Following the issue, promoter and promoter-group holding is expected to be approximately 45.52%.
Amtech Esters IPO Promoters Details
| Promoter | Status |
|---|---|
| Ajit Singh Bawa | Promoter |
| Gurpreet Kaur Bawa | Promoter |
| Meenakshi Sharma | Promoter |
The promoter shareholding information is based on the available IPO issue data.
Amtech Esters IPO Management Team
The company is managed by professionals with experience in manufacturing, finance, corporate governance and industrial operations.
| Name | Designation |
|---|---|
| Ajit Singh Bawa | Managing Director |
| Gurpreet Kaur Bawa | Director |
| Meenakshi Sharma | Director |
| Anjali Bansal | Company Secretary & Compliance Officer |
| Rahul Sharma | Independent Director |
| Paras Suri | Independent Director |
The company’s official information identifies Anjali Bansal as Company Secretary and Compliance Officer. Its corporate history also records Rahul Sharma and Paras Suri as independent directors.
Amtech Esters IPO Registrar Details
Maashitla Securities Private Limited is the registrar to the Amtech Esters IPO. The registrar is responsible for processing applications, finalising allotment, handling refunds and facilitating the credit of allotted shares to investors’ demat accounts.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | Maashitla Securities Official Website |
| IPO Allotment Status | Maashitla IPO Allotment Status |
| Phone | 011-45121795 |
| [email protected] | |
| Address | 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034 |
The registrar’s contact information is reported in the IPO documentation and issue-related sources.
Amtech Esters IPO Lead Manager Details
Credora Partners Private Limited is the Book Running Lead Manager for the Amtech Esters IPO.
| Particular | Details |
|---|---|
| Lead Manager | Credora Partners Private Limited |
| Address | 6th Floor, B-Wing, GSC Tower, Sector 30, Gurugram, Haryana – 122001 |
| Telephone | +91-124-4293471 |
| [email protected] | |
| Investor Grievance Email | [email protected] |
| Website | Credora Partners Official Website |
| SEBI Registration No. | INM000013411 |
The lead manager’s address, contact details and SEBI registration number are disclosed in the IPO documentation.
Amtech Esters Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Amtech Esters Limited |
| Registered Office | Flat No. 102, Plot No. A-3, Magnum House 1, Commercial Complex, Karam Pura, New Delhi – 110015 |
| Corporate Office / Plant | 2012 MIE, Bahadurgarh, Jhajjar, Haryana – 124507 |
| Phone | +91-11-49044111 |
| [email protected] | |
| Investor Relations Email | [email protected] |
| Website | Amtech Esters Official Website |
| CIN | U24129DL2002PLC115465 |
The company’s official contact page confirms its registered office, corporate/plant address, CIN, telephone number and investor-relations contact.
How to Check Amtech Esters IPO Allotment Status
The basis of allotment for the Amtech Esters IPO is scheduled for 15 September 2026. Investors can check the allotment status after the registrar publishes the results.
Through Maashitla Securities Private Limited
- Visit the official Maashitla IPO allotment portal.
- Select Amtech Esters IPO from the available issue list.
- Choose the appropriate option, such as PAN or application number.
- Enter the required details.
- Submit the information to view the allotment status.
Official allotment portal: Check Amtech Esters IPO Allotment Status
Through BSE
Investors can also check relevant issue and listing information through the official BSE platform after the applicable information is published.
The equity shares are proposed to be listed on BSE SME.
Amtech Esters IPO Conclusion
Amtech Esters IPO is a ₹17.88 crore book-built SME issue comprising entirely fresh equity shares. The company operates in the specialty chemicals and industrial materials segment, with Unsaturated Polyester Resins and complementary products forming its core business.
The company has demonstrated financial improvement over the reported periods. Total income increased from ₹27.24 crore in FY2024 to ₹40.75 crore in FY2026, while PAT increased from ₹2.84 crore to ₹4.22 crore. FY2026 EBITDA margin stood at 18.41%, while ROE and ROCE were 24.17% and 30.16%, respectively.
The proposed use of IPO proceeds is linked to business expansion and financial management. ₹8.81 crore is proposed for investment in Croda Pigments Private Limited for capital expenditure and incremental working capital, while ₹4.20 crore is intended for repayment or prepayment of borrowings.
The company’s low debt-to-equity ratio, diversified industrial product portfolio and planned additional manufacturing capacity are positive factors. At the same time, investors should consider the company’s small scale, competition, raw-material price volatility, subsidiary investment, expansion execution and SME-market liquidity.
The IPO is scheduled to open on 9 September 2026 and close on 11 September 2026. The basis of allotment is expected on 15 September 2026, and the shares are scheduled to list on BSE SME on 17 September 2026.
GMP is an unofficial grey-market indicator and is not part of the formal IPO process. Any GMP figure should therefore be treated as indicative rather than a guaranteed listing price or return. As of the latest available information, no reliable official GMP figure is available.
Amtech Esters IPO FAQs
What is Amtech Esters IPO?
Amtech Esters IPO is a book-built SME public issue of Amtech Esters Limited comprising 23,84,000 fresh equity shares. The price band is ₹71 to ₹75 per share and the issue is proposed to be listed on BSE SME.
What is the price band of Amtech Esters IPO?
The price band of Amtech Esters IPO is ₹71 to ₹75 per equity share. The face value of each equity share is ₹10.
What is the issue size of Amtech Esters IPO?
The total issue size is approximately ₹17.88 crore at the upper price band, comprising 23,84,000 fresh equity shares. There is no Offer for Sale component.
What is the lot size of Amtech Esters IPO?
The lot size is 1,600 equity shares. Investors need to apply for a minimum of two lots, or 3,200 shares. At ₹75 per share, the minimum application amount is ₹2,40,000.
When will Amtech Esters IPO open and close?
Amtech Esters IPO is scheduled to open on 9 September 2026 and close on 11 September 2026.
What is the allotment date of Amtech Esters IPO?
The basis of allotment is scheduled for 15 September 2026. Refunds and demat credit are scheduled for 16 September 2026.
When will Amtech Esters IPO be listed?
Amtech Esters shares are scheduled to list on 17 September 2026 on the BSE SME platform.
Who is the registrar of Amtech Esters IPO?
Maashitla Securities Private Limited is the registrar to the Amtech Esters IPO.
Who is the lead manager of Amtech Esters IPO?
Credora Partners Private Limited is the Book Running Lead Manager of the Amtech Esters IPO.
Who are the promoters of Amtech Esters Limited?
The promoters of Amtech Esters Limited are Ajit Singh Bawa, Gurpreet Kaur Bawa and Meenakshi Sharma.
What does Amtech Esters Limited do?
Amtech Esters manufactures Unsaturated Polyester Resins and trades complementary products including fibreglass materials, hardeners, silicones and other industrial chemicals. Through its subsidiary Croda Pigments Private Limited, the group also manufactures industrial pigments.
How will Amtech Esters use the IPO proceeds?
The company proposes to invest ₹8.81 crore in Croda Pigments Private Limited for capital expenditure and incremental working capital and ₹4.20 crore towards repayment or prepayment of borrowings. The remaining proceeds are intended for inorganic growth and general corporate purposes.
What are the financial results of Amtech Esters?
For FY2026, Amtech Esters reported total income of ₹40.75 crore and PAT of ₹4.22 crore. Its FY2026 EBITDA was ₹7.49 crore and EBITDA margin was 18.41%.
What is the GMP of Amtech Esters IPO?
GMP, or Grey Market Premium, is an unofficial and unregulated market indicator. It is not part of the official IPO process and does not guarantee the listing price or return. The latest available information does not provide a reliable official GMP figure.
Is Amtech Esters IPO a Mainboard IPO?
No. Amtech Esters IPO is an SME IPO and the equity shares are proposed to be listed on the BSE SME platform.
