Ami Organics IPO subscribed 64.54 times on closing day of subscription

The initial public offer of specialty chemicals maker Ami Organics was subscribed 64.54 times on the closing day of subscription on Friday.

The Rs 569.63 crore IPO received bids for 42,22,36,296 shares against 65,42,342 shares on offer, as per data available with the NSE.

Qualified Institutional Buyers (QIBs) category was subscribed 86.64 times, non institutional investors 154.81 times and Retail Individual Investors (RIIs) 13.36 times.

The company's initial public offer was fully subscribed within the first few hours on the opening day on Wednesday.

The initial public offer (IPO) had a fresh issue of up to Rs 200 crore and an offer for sale of up to 6,059,600 equity shares. Its price range was at Rs 603-610 per share.

Ami Organics had on Tuesday collected Rs 171 crore from anchor investors.

Proceeds from the fresh issue will be used towards repayment of certain debt and funding working capital requirements.

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 agrochemicals and fine chemicals.

The equity shares of the company will be listed on BSE and NSE.

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 regulator's nod to launch the public issue. However, it did not float the IPO.

Intensive Fiscal Services, Ambit Private Limited and Axis Capital were the managers to the offer.