For IPO subscription, specialty chemicals maker Ami Organics has filed a draft red herring prospectus (DRHP) with capital markets regulator SEBI to launch the IPO. Under the proposed public issue, shares worth Rs 300 crore will be fresh issue and 60.5 lakh shares will be issued under Offer for Sale (OFS) by the existing promoters and shareholders. Ami Organics is taking advice from book running managers for pre-IPO placements up to Rs 100 crore. Fiscal Services Private Limited, Ambit Private Limited and Axis Capital Limited are the running lead managers to the issue and Link Intime Private Limited is the registrar to this issue. The equity shares offered through Red Herring prospectus will be listed on the stock exchange.
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In 2018 also Ami Organics got approval
Ami Organics is trying to go public for the second time. About three years ago in the year 2018, the company had filed preliminary papers with SEBI and got SEBI’s approval to launch the IPO. However, despite getting approval, the company did not launch the IPO. The company will repayment of financial facilities with about Rs 140 crore in the fund from the issue and will fund working capital requirements with Rs 90 crore.
Indian chemical market expected to grow by 12%
After Aarti Industries, Heckle Ltd., Valiant Organics, Vinati Organics, Newland Organics and Atul Ltd., Ami Organics can now also get listed, if it gets a better response from investors. The average PE ratio of the industry is 44.82x. The Indian chemical market was worth about $ 16.6 trillion in 2019, which was about 4 percent of the global chemical industry. It is now estimated that it can reach $ 326 trillion by 2025 with a CAGR of 12 percent. Apart from this, talking about the specialty chemical industry, it accounts for 47 percent of the domestic market, which is expected to grow at a CAGR of 11-12 percent by 2025.
(Article- Surbhi Jain)
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