NSE SME Ambey Laboratories make a solid debut

Shares of Ambey Laboratories were trading at Rs 89.25 on the NSE, a premium of 31.25% compared with the issue price of Rs 68.

The scrip was listed at Rs 85, a premium of 25% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 89.25 and a low of Rs 85. About 20.86 lakh shares of the company changed hands at the counter.

Ambey Laboratories' IPO was subscribed 106.59 times. The issue opened for bidding on 4 July 2024 and it closed on 8 July 2024. The price band of the IPO was fixed between Rs 65 to Rs 68 per share.

The issue comprised fresh issue of 62,58,000 and offer for sale (OFS) of 3,12,000 shares by existing promoter. The promoter and promoter group shareholding diluted to 69.90% from 94.97% pre-offer.

The company intends to utilise the net proceeds to meet working capital requirement, issue related expenses and general corporate purpose.

Ahead of the IPO, Ambey Laboratories on 3 July 2024, raised Rs 12.70 crore from anchor investors. The board allotted 18.68 lakh shares at Rs 68 per share to 5 anchor investors.

Ambey Lab is engaged in the business of manufacturing of agrochemical products for the protecting of crops. It carries on the activities in the field of manufacturing chemicals, compounds, herbal products, insecticides, pesticides and fungicides. Its operations spread across India and abroad with manufacturing facility in Rajasthan- India. The company works within an interconnected network alongside Aromatic Rasayan Private and OFB Tech Private. As on 31 January 2024, the company has 195 full time employees

The company recorded revenue from operations of Rs 100.31 crore and net profit of Rs 6.02 crore for the period as on 31 January 2024.

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