Specialty chemicals manufacturer Ami Organics’ initial public offering (IPO) will open next week on September 1, along with the IPO of healthcare chain Vijaya Diagnostic, and close on September 3. The price band of the three-day share sale has been fixed at ₹603-610 per share.
The public issue comprises fresh issue of equity shares worth ₹300 crore and an offer for sale (OFS) of up to 6,059,600 shares by promoter and existing shareholders. The company will utilise ₹140 crore from the IPO proceeds towards repayment of certain debt and ₹90 crore for funding working capital requirements.
As per market observers, Ami Organics shares are available at a premium (GMP) of ₹60 in the grey market. The grey market is an unofficial platform, wherein trading starts after the announcement of the IPO price band till the listing of the shares.
Axis Capital, Ambit Pvt Ltd and Intensive Fiscal Services Pvt Ltd have been appointed as merchant bankers to advise the company on the IPO.
Ami Organics is one of the leading R&D driven manufacturers of specialty chemicals with varied end usage, focussed towards the development and manufacturing of pharma intermediates for regulated and generic APIs (active pharmaceutical ingredients) and NCE (new chemical entity) and key starting material for agrochemical and fine chemicals.
The firm has developed and commercialised over 450 Pharma Intermediates for APIs across 17 key therapeutic areas with a focus on R&D across therapeutic areas such as anti-retroviral, anti-inflammatory, anti-psychotic, anti-cancer, anti-Parkinson, anti-depressant and anticoagulant, for use across the global pharmaceutical market.
This is the company’s second attempt to go public. Earlier, Ami Organics had filed preliminary papers with Sebi in 2018 and had received the market regulator’s nod to launch the public issue. However, it did not float the IPO, as reported by news agency PTI.
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