Amtech Esters delivered an impressive stock market debut on September 17, 2026, trading at ₹105 on the BSE, representing a 40% premium to its issue price of ₹75. The stock was listed at ₹100, a 33.33% premium to the initial public offer price, with the counter hitting a high of ₹105 and low of ₹95. According to Business Standard, the stock is currently frozen at its upper limit of 5% over the listing price, with about 12.19 lakh shares changing hands at the counter. The strong debut performance validates the robust investor sentiment that had been reflected in the grey-market premium of around ₹16 ahead of listing.
The Amtech Esters IPO was subscribed 23.97 times, demonstrating exceptional investor demand for the issue. As reported by Business Standard, the IPO comprised a fresh issue of 17,07,200 equity shares with a price band fixed at ₹71-₹75 per share. The issue opened for subscription on September 9, 2026 and closed on September 11, 2026. Notably, the company had raised ₹5.07 crore from anchor investors on September 8, 2026, allotting 6.76 lakh shares at ₹75 each to five anchor investors. The promoter shareholding declined to 45.54% post-issue from 62.35% before the IPO.
Amtech Esters reported revenue from operations of ₹40.67 crore and net profit of ₹4.22 crore for the financial year ended March 31, 2026. According to Business Standard, the company is engaged in B2B manufacturing of unsaturated polyester resins (UPRs) across more than 18 grades and trades complementary products used across the fibre-reinforced plastic value chain, including fibreglass, silicones, hardeners and pigments. As of March 2026, the company had 60 employees on its payroll. The company plans to use the net proceeds to invest in its wholly owned subsidiary, Croda Pigment, through debt for capital expenditure and working capital requirements, along with repaying borrowings and funding inorganic growth through acquisitions.
Vinod Texworld continues to trade at a modest premium ahead of listing, with the ₹42.83 crore fixed-price issue being subscribed 1.60 times overall. According to The Economic Times, the IPO comprised an entirely fresh issue of 45.56 lakh shares at ₹94 per share, with the retail portion subscribed 2.91 times and NII category receiving bids equivalent to around 30% of shares on offer. Infrax Renewable shares are currently seeing no grey-market premium, generally indicating that shares could list close to the issue price, with the IPO subscribed 2.05 times overall.
According to The Economic Times, Amtech Esters was managed by Credora Partners Pvt. Ltd. as the book-running lead manager, while Maashitla Securities Pvt. Ltd. acted as the registrar. Vinod Texworld was managed by Novus Capital Advisors Pvt. Ltd. as the book-running lead manager, with Kfin Technologies Ltd. serving as the registrar. Infrax Renewable was managed by Smart Horizon Capital Advisors Pvt. Ltd. as the book-running lead manager, with Bigshare Services Pvt. Ltd. as the registrar.
