Amtech Esters Ltd IPO
Status: Closed
Overview
IPO date
09 Sept 2026 to 11 Sept 2026
Face value
₹ 0 per share
Price
₹ 71 to ₹75 per share
Issue Size
2,384,000 shares
(aggregating up to ₹ 17.88 Cr)
(aggregating up to ₹ 17.88 Cr)
Allotment Date
15 Sept 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Chemicals
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T&C*
Strengths vs Risks of Amtech Esters Ltd
Know the pros & cons
Strengths
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Failures or disruption of the company's information technology systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- 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.
- 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.
- 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.
- The average cost of acquisition of Equity shares by the company's Promoters may be lower than the Issue price.
- 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.
- 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.
- 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.
- 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.
- 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.
- There is no guarantee that the company's Equity Shares will be listed on the BSE in a timely manner or at all.
- The company's continued success is dependent upon its ability to hire, retain and utilize qualified personnel.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
How to check the allotment status of Amtech Esters Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 09 Sept 2026 & closes on 11 Sept 2026.
Amtech Esters Limited was originally incorporated as Private Limited Company under the name and style of Amtech Esters Private Limited', pursuant to Certificate of Incorporation dated May 21, 2002 issued by the Registrar of Companies, NCT of Delhi and Haryana. Later, the Company was converted to the Public Limited Company under the name and style of Amtech Esters Limited' with Registrar of Companies, dated December 12, 2023.
The Company was founded by S. Avtar Singh Bawa with his son Ajit Singh Bawa in year 2002 and is presently engaged in the business of manufacturing Unsaturated Polyester Resins and trading in Fiberglass, Hardners & Ancillaries and Silicon. Resins are viscous, liquid polymers derived from either organic or synthetic sources. Company has its manufacturing unit at 2012 MIE, Bahadurgarh, Jhajjar, Haryana. The manufacturing unit has installed capacity of production of 2960 MTPA of Resins as on March 31, 2024 and of 740 MT Resins as on June 30, 2024.
The product portfolio of the Company includes resins such as polyester, epoxy resin along with Industrial input for paints, varnishes, dyes, and glue gums with a strong presence in multiple sectors including dressing accessories (like beads/ buttons), switch gears, sculptures, automotive industries, aberrative etc. chemical products. These resins are also used in other industries including FRP sheets, cooling towers, automobile components, fiber sheets, waterproofing application, decorative items etc.
The Company has acquired subsidiary by the name of 'Croda Pigments Private Limited'in 2023.
The Company is planning an Initial Public Issue of 10,80,000 Equity Shares by raising funds aggregating to Rs 11.88 Crore comprising a Fresh Issue upto 8,10,000 Equity Shares aggregating to Rs 8.91 Crore and upto 2,70,000 Equity Shares amounting to Rs 2.97 Crore through Offer for Sale.
Amtech Esters Ltd IPO will close on 11 Sept 2026.
- 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.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Ajit Singh Bawa | 1827664 | 28.36 | 1827664 | 20.7 |
| 2 | Gurpreet Kaur Bawa | 223296 | 3.46 | 223296 | 2.53 |
| 3 | Meenakshi Sharma | 1151816 | 17.87 | 1151816 | 13.05 |
| 4 | Harvind Singh Bawa | 8000 | 0.12 | 8000 | 0.09 |
| 5 | Gurveen Kaur Bawa | 8000 | 0.12 | 8000 | 0.09 |
| 6 | Bawa Resins Private Limited | 800000 | 12.41 | 800000 | 9.06 |
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Failures or disruption of the company's information technology systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- 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.
- 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.
- 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.
- The average cost of acquisition of Equity shares by the company's Promoters may be lower than the Issue price.
- 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.
- 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.
- 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.
- 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.
- 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.
- There is no guarantee that the company's Equity Shares will be listed on the BSE in a timely manner or at all.
- The company's continued success is dependent upon its ability to hire, retain and utilize qualified personnel.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
The Issue type of Amtech Esters Ltd is Book Building - SME.
The minimum application for shares of Amtech Esters Ltd is 3200.
The total shares issue of Amtech Esters Ltd is 2384000.
Initial public issue of 23,84,000 equity shares of face value Rs. 10 each ("Equity Shares") of Amtech Esters Limited ("the Company" or "the Issuer" ) for cash at an issue price of Rs. 75 per equity share (including a securities premium of Rs. 65 per equity share) ("Issue Price"), aggregating to Rs. 17.88 Crores ("the Issue") of which 1,20,000 equity shares of face value Rs. 10 each aggregating to Rs. 0.9 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of 22,64,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 75 per equity share aggregating Rs. 16.98 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.00% and 25.64% respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 75/- per equity share of face value of Rs. 10/- each.
The floor price is 7.50 times of the face value of the equity shares.
Bids can be made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.