Amtech Esters IPO
Amtech Esters LtdSME
This IPO has listed.
- Open date
- 9 Sep 2026
- Close date
- 11 Sep 2026
- Min. Investment
- ₹2,40,000
- Lot Size
- -
- Fresh Issue
- ₹17.88 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers15.07x
- Non-Institutional Investors24.17x
- Retail-Individual Investors28.93x
- Total23.97x
Schedule
- Completed: IPO open date9 Sep 2026
- Completed: IPO close date11 Sep 2026
- Completed: Allotment date15 Sep 2026
- Completed: Funds unblock or debit15 Sep 2026
- Completed: Tentative listing date17 Sep 2026
About
Promoter shareholding in Amtech Esters Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Ajit Singh Bawa | 18,27,664 | 28.36% | 18,27,664 | 20.70% |
| Gurpreet Kaur Bawa | 2,23,296 | 3.46% | 2,23,296 | 2.53% |
| Meenakshi Sharma | 11,51,816 | 17.87% | 11,51,816 | 13.05% |
| Harvind Singh Bawa | 8,000 | 0.12% | 8,000 | 0.09% |
| Gurveen Kaur Bawa | 8,000 | 0.12% | 8,000 | 0.09% |
| Bawa Resins Private Limited | 8,00,000 | 12.41% | 8,00,000 | 9.06% |
Financials of Amtech Esters IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 24.60 | 36.89 | 40.67 |
| Total Expenses | 23.84 | 31.81 | 35.01 |
| Profit Before Tax | - | - | - |
| Total Profit | 2.84 | 3.72 | 4.22 |
Amtech Esters IPO Strengths & Risks
- Diversified Product Portfolio Catering to a Broad Customer Base.
- Strong Quality Assurance ensuring consistent and standardized product excellence.
- Experienced Promoter and Senior Management Supported by a Knowledgeable Sales Team.
- Synergetic collaboration with subsidiary.
- Good track record.
- Cordial relations with our clients.
- Quality of products.
- Risks Relating to the Business: A significant portion of the company's revenue is derived from unsaturated polyester resins. Such significant dependence on a single product category exposes it to concentration risk, whereby any adverse change in demand, pricing pressure, supply of raw materials etc. could have an adverse effect on the company's business, financial condition, and results of operations.
- Risks Relating to the Business: Majority of the company's revenue from operations is derived from its manufacturing vertical. Further all of the company's manufacturing facilities are situated at Haryana, which exposes it to operational risks in relation to the company's manufacturing process. Any disruption, slowdown, or shutdown in its manufacturing operations, could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is manpower intensive, and any significant increase in employee attrition could adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's business is manpower intensive. It may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms, it could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: There have been certain instances of non-compliances/ discrepancies, including with respect to certain secretarial/ regulatory filings for corporate actions taken by the Company in the past. Such non-compliance may attract penalties against the Company which could impact the financial position of it to that extent.
- Risks Relating to the Business: The Company had negative cash flow from investing and financing activities in the past and may continue to have negative cash flows in the future.
- Risks Relating to the Business: The company has availed certain cash credit and working capital facilities, and its propose to utilise a portion of the Net Proceeds towards repayment of certain borrowings. Any inability to comply with the terms of such facilities or any future indebtedness may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company has significant receivables on its books from the company's customers. Such receivables not realized and turned NPA or any delay in the receivables can have significant impact on the working capital cycle and the overall financial health of the company.
- Risks Relating to the Business: The company's manufacturing process involves the use of hazardous and inflammable industrial chemicals which entails significant risks and could also result in enhanced compliance obligations. Failures to adhere to stringent environmental regulations governing hazardous waste, VOC emissions, and pollution control could disrupt operations and result in penalties.
- Risks Relating to the Business: One of the objects of the Issue is to utilise the net proceeds towards investment in the form of loan to the company Wholly Owned Subsidiary for purchase and installation of plant and machinery at its existing manufacturing facility. Any delay or inability in completing the said capital expenditure within the anticipated timelines may adversely affect the company's financial projections, business operations, and results of operations.
- Risks Relating to the Business: Any shortages, delay or disruption in the supply of the raw materials or increase in the cost of raw materials, the company use in its manufacturing process due to factors beyond the company's control may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Company is dependent on a few suppliers for purchases of raw material used in its operations. The loss of any of these large suppliers may affect its business operations. Further, the company does not have long-term agreements with several of its suppliers.
- Risks Relating to the Business: A substantial portion of the company's revenue from operations is dependent upon a limited number of its customers. Any failures to maintain the company's relationship with these customers or any adverse changes affecting their financial condition will have an adverse effect on its business, results of operations, financial condition and cash flow.
- Risks Relating to the Business: The company generates a significant portion of its revenue from the company operations from the states of Haryana, Delhi and Uttar Pradesh. Any adverse developments affecting its operations in these regions could have an adverse impact on the company's revenue and results of operations.
- Risks Relating to the Business: There have been instances of delays in payment of statutory dues, i.e. GST by the Company. In case of any delay in payment of statutory due in future by the Company, the Regulatory Authorities may impose monetary penalties on it or take certain punitive actions against the Company in relation to the same which may have adverse impact on its business, financial condition and results of operations.
- Risks Relating to the Business: In addition to the existing indebtedness, the Company, may incur further indebtedness during the course of business. Its cannot assure that the Company would be able to service the existing and/ or additional indebtedness.
- Risks Relating to the Business: The company has one outstanding litigation against its director, any adverse outcome of which can affect the company's business, reputation and results of operations.
- Risks Relating to the Business: Information relating to the installed manufacturing capacity, actual production and capacity utilization of the company's manufacturing units included in this Red Herring Prospectus are based on various assumptions and estimates by chartered engineer and the capacity may vary. Under-utilization of its manufacturing capacity and an inability to effectively utilize the company's expanded manufacturing capacity could have an adverse effect on its business, future prospects, and financial performance.
- Risks Relating to the Business: The Company has recently established a new manufacturing facility at Asoda, Haryana and any failures to successfully ramp up operations, achieve optimal capacity utilisation, or generates adequate demand for the additional capacity may adversely affect its business, financial condition, cash flows, and results of operations.
- Risks Relating to the Business: The Company in the past has entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: The property used by the Company for the purpose of its Registered Office is not owned by it. Any termination of the relevant lease agreement in connection with such property or the company failures to renew the same could adversely affect its operations.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be deployed in the company's Wholly Owned Subsidiary, Croda Pigments Private Limited, and any failures by the Wholly Owned Subsidiary to effectively utilise and deploy such funds or perform as expected may adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Any conflict of interest which could occur between the company's business and Bawa Resins Private Limited could have a material adverse effect on its business and results of operations.
- Risks Relating to the Business: The company's inability to effectively implement its growth strategies or manage the company's growth could have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company may be required to enters into strategic partnerships and acquisitions in the future, in relation to its growth strategy. If the company is unable to successfully identify and integrate acquisitions, its growth strategy and prospects may be adversely affected.
- Risks Relating to the Business: Several expenses incurred in the company operations are relatively fixed in nature, and its inability to effectively manage such expenses may have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is subject to certain covenants under its financing and novation agreements and in case of any breach of covenants in the future, such non-compliance, if not waived, could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: Orders placed by customers may be delayed, modified or cancelled, which may have an adverse effect on the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company is subject to strict quality requirements and any product defect issues or failures by the company or its raw material suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls and exposure to potential product liability claims.
- Risks Relating to the Business: Any failures to obtain, retain and renew approvals, permits and licenses or changes in applicable regulations or their implementation could have an adverse effect on the company's business.
- Risks Relating to the Business: The Intellectual Property Rights used by the company are registered in the name of its and Wholly Owned Subsidiary, respectively. However, any infringement of third-party intellectual property rights or failures to protect the company's intellectual property rights may adversely affect its business.
- Risks Relating to the Business: The company is dependent on third party transportation providers for delivery of raw materials to the company from its suppliers and delivery of the company's finished products to its customers. The company has not entered into any formal contracts with its transport providers and any failures on part of such service providers to meet their obligations could adversely affect the company's business, financial condition and results of operation.
- Risks Relating to the Business: Failures or disruption of the company's information technology systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company's business is capital intensive and may requires additional financing to meet those requirements, which could have an adverse effect on its results of operations, cash flows and financial conditions.
- Risks Relating to the Business: Any employee misconduct or errors that are difficult to detect and any such incidences could adversely affect the company's financial condition, results of operations and reputation.
- Risks Relating to the Business: The company's insurance policies may not be adequate to cover all losses incurred in its business. An inability to maintain adequate insurance cover to protect the company from material adverse incidents in connection with its business may adversely affect the company operations and profitability.
- Risks Relating to the Business: The average cost of acquisition of Equity shares by the company's Promoters may be lower than the Issue price.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operates is evolving and is subject to change.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds have not been appraised by a credit rating agency registered with the Board and if there are any delays or cost overruns, its may have to incur additional cost to fund the objects of the Issue because of which the company's business, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: In addition to normal remuneration or benefits and reimbursement of expenses, some of its directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Risks Relating to the Business: The Objects of the Offer for which funds are being raised have not been appraised by any bank or financial institution. The deployment of funds is entirely at the discretion of the company's management and as per the details mentioned in the section titled "Objects of the Offer". Any revision in the estimates may requires it to reschedule the company's expenditure and may have a bearing on its expected revenues and earnings.
- Risks Relating to the Business: The company's success largely depends on its Promoter and Management and the company's ability to attract and retain them. Any loss of its director and key managerial personnel could adversely affect the company's business, operations and financial condition.
- Risks Relating to the Business: There is no guarantee that the company's Equity Shares will be listed on the BSE in a timely manner or at all.
- Risks Relating to the Business: The company's continued success is dependent upon its ability to hire, retain and utilize qualified personnel.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from independent reports and information available on various third-party websites. As such, the company cannot guarantee the accuracy or completeness of facts and other statistics with respect to the industry information contained in this Red Herring Prospectus and reliability on the same could adversely impact its operations.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the "Objects of the Offer". Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- Risks Relating to the Business: The company's Promoters, together with its Promoter Group, will continue to retain majority shareholding in the Company after the proposed Initial Public Offer, which will allow them to exercise significant control over the company. Its cannot assure you that the company's Promoters and Promoter Group members will always act in the best interests of the Company.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the shareholding of individual investors, and sales of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: The price of the company's Equity Shares may be volatile, and an active trading market for its Equity Shares may not develop following the listing of the company's Equity Shares on the Stock Exchanges.
