Speciality chemicals maker Ami Organics on Friday said it has fixed a price band of Rs 603-610 a share for its Rs 570-crore initial share sale.
The three-day initial public offer (IPO) will open on September 1 and conclude on September 3, the company announced in a virtual press conference.
The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer for sale of up to 60,59,600 equity shares by existing shareholders.
The company has reduced its fresh issue size to Rs 200 crore from Rs 300 crore after raising Rs 100 crore in a pre-IPO placement.
At the upper end of the price band, the initial share sale is expected to fetch Rs 569.63 crore.
Proceeds from the fresh issue will be used towards repayment of certain debt and funding working capital requirements.
The Company will not receive any proceeds from the Offer for Sale and all such proceeds (net of any Offer related expenses to be borne by the Selling Shareholders) will go to the selling shareholders.
Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Ami Organics is a R&D driven manufacturers of speciality chemicals with varied end usage, focussed on 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 agrochemical and fine chemicals.
Axis Capital Limited, Ambit Private Limited and Intensive Fiscal Services Private Limited are the lead managers to the public issue. 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.
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