The initial public offering (IPO) of specialty chemicals firm Ami Organics garnered nearly 65 times subscription. In contrast, Vijaya Diagnostic, among the largest diagnostic chains in southern India, garnered 4.5 times subscription. The IPO of Ami garnered 1.5 million retail applications, while Vijaya saw less than 4 million. The average applications for IPOs in July stood at 2.6 million, while that in August was about a million, said bankers.

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Shares of the previous four companies to make their stock market debut had dropped below their IPO price on listing day. M +arket observers said investor sentiment could see a revival as a handful of good quality companies is looking to launch their IPOs later this month.

Ami Organics’ IPO comprised of Rs 200-crore new fundraise and Rs 370-crore secondary share sale. The price band for its IPO is Rs 603-610 per share. At the top-end, the company will have a market cap of Rs 2,223 crore and is valued at 41.2 times its FY21 earnings.

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