IPO Overview
Incorporated in May 2002, Amtech Esters Limited is a B2B specialty chemicals company engaged primarily in the manufacturing of Unsaturated Polyester Resins (UPRs) and the trading of complementary products used across the resin and Fibre-Reinforced Plastic (FRP) value chain. Its product portfolio spans 79 SKUs, comprising UPRs, pigments, fibre resins, hardeners, ancillary products, and silicone-based products. These products cater to diverse applications including automotive components, electrical switchgear, fashion accessories, FRP sheets, cooling towers, sports equipment, garden furniture, bathtubs, and decorative articles. The company operates two manufacturing facilities in Bahadurgarh, Haryana, and also operates through its wholly-owned subsidiary, Croda Pigments Private Limited (CPPL), which manufactures pigments and colourants used in paints, varnishes, dyes, gums, and adhesives.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a fully fresh issue aggregating to ₹17.88 crore. The price band is set at ₹71 to ₹75 per share, with a lot size of 1,600 shares. The IPO opens on 9 September 2026 and closes on 11 September 2026, with listing expected on 17 September 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 8 September 2026 |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Allotment Date | 15 September 2026 (Expected) |
| Refund Initiation | 15 September 2026 |
| Credit to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 (Tentative) |
| Price Band | ₹71 – ₹75 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 3,200 shares) |
| Minimum Investment (HNI) | ₹3,60,000 (3 lots = 4,800 shares) |
| Issue Size | ₹17.88 crore |
| Fresh Issue | 23,84,000 shares (₹17.88 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 11,29,600 shares (~49.89%) |
| Non-Institutional Investors (NII/HNI) | 3,40,800 shares (~15.05%) |
| Retail Individual Investors (RII) | 7,93,600 shares (~35.05%) |
| Market Maker (Firm Allotment) | 1,20,000 shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for the following purposes:
- Investment in wholly-owned subsidiary Croda Pigments Private Limited (CPPL) for capital expenditure and incremental working capital requirements — ₹8.81 crore
- Repayment / prepayment of certain borrowings of the company — ₹4.20 crore
- Funding inorganic growth opportunities and general corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Credora Partners Pvt. Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Nikunj Stock Brokers Ltd.
Promoters & Management
The promoters of the company are Ajit Singh Bawa, Gurpreet Kaur Bawa, and Meenakshi Sharma. Promoter holding currently stands at 62.35% and will fall to 45.52% after the IPO, taking the promoter stake below the majority threshold post-issue.
Company Details
Amtech Esters is a B2B manufacturer of unsaturated polyester resins used in fibreglass-reinforced plastic applications. Its complementary products provide customers with an integrated sourcing solution covering base resins, reinforcement, curing, and finishing materials. The company operates manufacturing facilities at Bahadurgarh in Haryana with modern and automated machinery. Its research and development and quality-control departments support product innovation and process consistency.
Sectors Served:
- Automotive & Body Shops
- Electrical Switchgear
- FRP Products & Sheets
- Paints, Varnishes & Coatings
- Fashion Accessories & Decorative Articles
- Cooling Towers & Industrial Applications
Key Products:
- Unsaturated Polyester Resins (UPRs) — core product, contributing ~62.84% of FY26 revenue
- Pigments (via subsidiary CPPL) — contributing ~24.14% of FY26 revenue
- Fibre Resins, Hardeners, Silicone-based Products, Ancillary Products
Key Capabilities:
- ISO 9001:2015 certified manufacturing processes; diversified product portfolio catering to a broad customer base; integrated sourcing solutions across the resin and FRP value chain; strong quality assurance supported by R&D and quality control capabilities; modern manufacturing facilities equipped with automated plant and machinery; synergistic operations with wholly-owned subsidiary Croda Pigments Private Limited.
Manufacturing Facilities:
- Two manufacturing units in Bahadurgarh, Haryana
- UPR production reached 2,195 tonnes in FY26, translating into 89.11% capacity utilisation, up from 50.38% in FY24.
- As of March 31, 2026, the company employed 60 people.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹36.97 | ₹3.72 |
| FY26 | ₹40.75 | ₹4.22 |
Key Financial Metrics
- Revenue increased by 10% and PAT rose by 13% between FY25 and FY26.
- Profit has grown every year — from ₹2.84 crore in FY24 to ₹3.72 crore in FY25 and ₹4.22 crore in FY26.
- Capacity utilisation jumped from 50.38% in FY24 to 89.11% in FY26 — indicating strong operating leverage as volumes scale.
- Consistent financial growth, healthy margins, strong return ratios, low debt, and reasonable valuation support the issue.
Company Strengths
- Core UPR product contributing 62.84% of FY26 revenue, with pigments from subsidiary CPPL adding another 24.14% — providing a well-diversified product revenue mix
- Significant improvement in capacity utilisation — from 50.38% in FY24 to 89.11% in FY26 — reflecting strong demand traction and operating efficiency
- Consistent year-on-year profit growth with low debt and healthy return ratios
- Integrated product offering across the resin and FRP value chain, enabling customers to source multiple products from a single supplier
- ISO 9001:2015 certified, with in-house R&D and quality control supporting product consistency and innovation
- Entire IPO is a fresh issue — no promoter exit, and all funds directed towards subsidiary expansion and debt reduction
Key Risks & Challenges
- Promoter holding falls from 62.35% to 45.52% after the IPO — taking promoters below the majority threshold, which may raise governance concerns
- Company scale remains small — total revenue of ₹40.75 crore in FY26 limits pricing power and negotiating leverage with large customers
- A portion of IPO proceeds is earmarked for inorganic growth and acquisitions, with no specific acquisition targets identified — adding deployment risk
- SME IPO liquidity risk — BSE SME platform typically sees limited secondary market trading volumes post-listing
- Revenue is significantly concentrated in the resin and FRP space — any downturn in end-user industries such as automotive or construction can directly impact demand
- Minimum retail application size of ₹2,40,000 (2 lots) makes this a high-ticket SME investment, limiting retail participation breadth
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
