Amtech Esters Limited
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Amtech Esters Limited's completed its IPO journey with a successful listing on BSE on Sep 17, 2026. The public offering mobilized 23,84,000 Shares in total capital, comprising 23,84,000 Shares in fresh equity.
The offering was conducted within the price band of ₹71 to ₹75, with minimum application lots of 1600 shares. Investor participation during the Sep 09, 2026 to Sep 11, 2026 subscription window determined the final allocation pattern.
The basis of allotment was announced on Sep 15, 2026, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Amtech Esters Limited, incorporated in May 2002, is a B2B chemical manufacturing company engaged in producing Unsaturated Polyester Resins (UPRs) and trading complementary products used across the resin and FRP value chain. Originally incorporated as Amtech Esters Private Limited, the Company was converted into a public limited company in December 2023. Its product portfolio includes UPRs, fibreglass, hardeners, silicones and other ancillary products, allowing it to provide customers with an integrated sourcing solution covering resins, reinforcement, curing, finishing and application-specific requirements. Through its wholly owned subsidiary, Croda Pigments Private Limited, the Company also manufactures pigments used in paints, varnishes, dyes, glues, gums and other chemical applications. Amtech Esters has dedicated Research & Development and Quality Control departments and holds ISO 9001:2015 certification, supporting product quality and process consistency. The Company operates a modern and automated manufacturing facility in Bahadurgarh, Jhajjar, Haryana. As of March 31, 2026, it had 60 employees across production, sales and marketing, quality control, packaging and dispatch, finance, legal, human resources and management functions.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- ISO-Certified Manufacturing: The company’s manufacturing processes are ISO 9001:2015 certified, supporting consistent quality and standardized production practices.
- Diversified Product Portfolio: Amtech Esters offers UPRs along with fibreglass, hardeners, silicones, pigments and other related products, allowing it to serve a wide range of industrial requirements.
- Integrated Sourcing Solution: By offering UPRs along with complementary products, the company provides customers with a convenient, one-stop sourcing solution for resin and FRP-related products.
- Dependence on UPRs: A significant share of the company’s revenue comes from Unsaturated Polyester Resins (UPRs). Changes in demand, pricing, raw material availability or other market factors could negatively affect revenue and financial performance.
- Manufacturing Concentration Risk: Most revenue comes from the manufacturing business, with all manufacturing facilities located in Haryana. Any disruption, slowdown or shutdown could affect business operations, cash flow and financial performance.
- Manpower Dependence: The company’s operations require a large workforce and depend on retaining skilled employees. High employee turnover or difficulty in hiring could disrupt operations and affect financial performance.
- Ajit Singh Bawa
- Gurpreet Kaur Bawa
- Meenakshi Sharma
Amtech Esters Limited
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