Amtech Esters came to market through an SME IPO that opened on 9 September 2026 and closed on 11 September 2026, and the shares listed on 17 September 2026 on BSE SME. The price band was ₹71 to ₹75 per share and one lot was 1600 shares, so the minimum application was ₹1,20,000. The issue size was ₹17.88 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹100, a gain of 33.3% against the issue price of ₹75. Maashitla Securities Pvt.Ltd was the registrar to the issue, and Credora Partners Pvt.Ltd was the lead manager.
As of 11 September 2026.
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Overall the issue was subscribed 25.78 times.
Founded in May 2002, Amtech Esters Limited is a B2B chemicals manufacturer, involved in the production of Unsaturated Polyester Resins (UPRs) and the distribution of complementary products for use in the value chain of resins and FRP. Originally Amtech Esters was incorporated as a private limited company by the name of Amtech Esters Private Limited, and was later transformed into a public limited company in December 2023.
The products manufactured by the Company include Unsaturated Polyester Resins, fibreglass, hardeners, silicones and various other ancillary products. The Company also has an operating subsidiary by the name of Croda Pigments Private Limited (CPPL), that deals in the manufacture of pigments used as colorants and additives in paints, varnishes, dyes, glues, gums and other chemical applications.
Research & Development and Quality Control departments have been established at the Amtech Esters Limited to cater to the needs of product development, improvements in processes and quality consistency. The Company is certified under ISO 9001:2015. The Company’s factories are located at Bahadurgarh, Jhajjar, Haryana and are fitted with state-of-the-art and automated machines and equipment.
Till March 31, 2026, the Company had employed 60 staff members in the areas of production, sales and marketing, quality control, packing and dispatch, finance, legal, HR & management.
As described in the offer document.
| Metric | 31-Mar-26 | 31-Mar-25 | 31-Mar-24 |
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Amtech Esters Limited finalised its anchor investor allocation on September 8, 2026, allocating 6,76,800 equity shares to 5 institutional investors at an anchor price of ₹75 per share, raising approximately ₹5.08 crore. The allocation was nearly evenly split, with Generational Capital Breakout Fund 1, Viney Growth Fund, and Krushnam Nexus Capital Scheme 1 each receiving 20.09%, and Holani Venture Capital Fund – I and Flumen Investment Trust – 1729 Growth Fund I each receiving 19.86% of the anchor portion.
Ajit Singh Bawa, Gurpreet Kaur Bawa, Meenakshi Sharma. Promoter holding 62.35% before the issue and 45.52% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Amtech Esters IPO was a ₹17.88 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹71–₹75 per share with a lot size of 1,600 shares; the minimum retail application was 3,200 shares (₹2,40,000). The IPO was open from September 9 to September 11, 2026 and was subscribed 25.78x. Shares listed on BSE SME on September 17, 2026 at ₹100, a 33.3% premium to the issue price of ₹75. Maashitla Securities Pvt. Ltd. is the registrar.
Credora Partners Pvt. Ltd. is the book running lead manager.
The price band of Amtech Esters IPO is ₹71 to ₹75 per share.
The lot size of Amtech Esters IPO is 1600 shares.
The minimum investment for Amtech Esters IPO is approximately ₹2,40,000 based on the upper price band.
The allotment date of Amtech Esters IPO is Sep 15, 2026.
You can check Amtech Esters IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Amtech Esters IPO allotment status on Rupix for quick and easy access.
₹71 to ₹75 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,20,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,20,000, for one lot of 1600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 9 September 2026 and closed on 11 September 2026.
The basis of allotment was published on 15 September 2026 by Maashitla Securities Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 17 September 2026 on BSE SME, opening at ₹100.
The issue size was ₹17.88 crore. The fresh issue was 23,84,000 shares (aggregating up to ₹17.88 crore).
It listed at ₹100 against an issue price of ₹75, a gain of 33.3 percent on listing day.