BUSINESS

Ami Organics Lists at 49% Premium Over Issue Price

Ami Organics made a strong stock market debut as its shares opened at Rs 910, a 49 per cent premium over its issue price of Rs 610 per share on the National Stock Exchange (NSE). On the BSE, the stock opened at Rs 902, 48 per cent higher than its issue price.

Post listing, the stock hit a high of Rs 929 and a low of Rs 841 on the NSE and BSE in intra-day trade. At 10:02 am, it traded at Rs 902.70, up 48 per cent against its issue price on the BSE. A combined 3.7 million equity shares had changed hands on the counter on the NSE and BSE.

The initial public offer (IPO) of Ami Organics, which was a mix of an offer for sale of Rs 370 crore and a new issue worth Rs 200 crore, was priced in the band of Rs 603 – 610 per share. The issue received a strong response from the investors and was subscribed 64.54 times. 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 plans to utilise the proceeds raised from the new issue for repayment or prepayment of certain financial facilities, funding working capital requirements and general corporate purposes.

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