AMTECH ESTERS LIMITED
Closed9–11 Sep 2026
Updated 2026-09-12 (IST)
What AMTECH ESTERS LIMITED does
Amtech Esters Limited is engaged in the B2B business of manufacturing Unsaturated Polyester Resins (UPRs) and trading in complementary products like fiber resins, hardeners, silicons, and other ancillary products. The company provides customers with an integrated sourcing solution across different stages of the resin and FRP value chain. Its wholly owned subsidiary, Croda Pigments Private Limited, manufactures pigments used as colorants and additives in various industrial and household products.
AMTECH ESTERS LIMITED financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 25 | 37 | 41 | |
| Operating Profit | 2 | 7 | 7 | |
| OPM % | 6.7% | 17.6% | 18.4% | |
| Net Profit | 3 | 4 | 4 | |
| Total Debt | 4 | 4 | 3 |
AMTECH ESTERS LIMITED IPO offer structure
Fresh issue: ₹18 cr
The offer-for-sale component is not stated in what we extracted from the offer document, so the full issue size and the split between the two are unknown. This figure is the fresh issue alone, not the total raise. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Investment in our wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt towards capital expenditure and working capital requirements: ₹9 cr
- Repayment or prepayment, in full or in part, of certain borrowings availed by our Company: ₹4 cr
- Funding inorganic growth through unidentified acquisitions and general corporate purposes
AMTECH ESTERS LIMITED promoters and holding
- Ajit Singh Bawa: Managing Director
- Gurpreet Kaur Bawa: Non-Executive Director
- Meenakshi Sharma: Promoter
AMTECH ESTERS LIMITED strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Diversified Product Portfolio Catering to a Broad Customer Base (p.140)
- Strong Quality Assurance ensuring consistent and standardized product excellence. (p.141)
- Experienced Promoter and Senior Management Supported by a Knowledgeable Sales Team (p.141)
- Synergetic collaboration with wholly owned subsidiary (p.141)
- A significant portion of our revenue is derived from unsaturated polyester resins, exposing us to product concentration risk. (p.22)
- Majority of our revenue is derived from our manufacturing vertical, and all facilities are situated in Haryana, exposing us to regional and operational risks. (p.22)
- Our business is manpower intensive, and any significant increase in employee attrition could adversely affect our operations. (p.23)
- There have been certain instances of non-compliances and discrepancies with respect to secretarial and regulatory filings in the past. (p.24)
- Our Company had negative cash flow from investing and financing activities in the past and may continue to have negative cash flows in the future. (p.26)
AMTECH ESTERS LIMITED market and competition
There are no listed peers operating in this industry. Additionally, no suitable unlisted peers are available that are comparable to the size of the company and the scale of its operations.
AMTECH ESTERS LIMITED outlook, as the document states it
The company's growth strategy is focused on a combination of organic and inorganic expansion to strengthen manufacturing capabilities, broaden the product portfolio, and enhance market presence. It has expanded manufacturing operations at its Asoda facility for UPRs and is undertaking plant and machinery expansion in its subsidiary, CPPL, to support growing demand.
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AMTECH ESTERS LIMITED IPO: common questions
When does the AMTECH ESTERS LIMITED IPO open and close?
The AMTECH ESTERS LIMITED IPO is open from 9 Sep 2026 to 11 Sep 2026.
What is the AMTECH ESTERS LIMITED IPO price band?
The price band is ₹71–₹75 per share.
What is the lot size and minimum investment for the AMTECH ESTERS LIMITED IPO?
One lot is 1600 shares, and a retail application must be at least one lot. That is about ₹2,40,000 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the AMTECH ESTERS LIMITED IPO subscribed?
As of 12 Sep 2026 the total subscription is 25.78×.
When are the AMTECH ESTERS LIMITED IPO allotment and listing dates?
Allotment is on 15 Sep 2026, as published. The listing date follows once the exchange confirms it.
How do I check the AMTECH ESTERS LIMITED IPO allotment status?
On the allotment status page published by Maashitla Securities, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 704 SME IPOs that have listed on the NSE since 2016, 558 (79%) opened above their issue price, at a median of +11%. That is the segment's own record, not a forecast for this issue.
AMTECH ESTERS LIMITED IPO allotment status
Allotment is on 15 Sep 2026, as published. Allotment is decided and published by the registrar, not by us. This issue's registrar is Maashitla Securities.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →