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19 Nov 2024
Ambey Laboratories shares made a robust debut on the NSE SME today, opening at ₹85, which is a 25% premium over the issue price of ₹68.
The IPO for Ambey Laboratories Ltd opened on July 4 and closed on July 8. The lot size for the IPO was 2,000 shares. With a face value of ₹10, the price band was set between ₹65 and ₹68 per share. The subscription status for the IPO was an impressive 173.18 times by the third day.
Ambey Laboratories specializes in producing agrochemical chemicals for crop protection and has been serving the agrochemical industry for nearly forty years. The company manufactures and distributes 2,4-D base chemicals and caters to clients like SC Formulator Co Ltd, JR Jindal Infraprojects Private Ltd, and Aromatic Rasayan Private Ltd.
According to the red herring prospectus (RHP), Ambey Laboratories' listed peers include Meghmani Organics Ltd (P/E of 63.21) and Atul Ltd (P/E of 46.90).
The IPO comprised 62,58,000 new equity shares valued at ₹42.56 crore and 3,12,000 shares through an Offer for Sale (OFS) valued at ₹2.12 crore. The proceeds from the IPO will be used to meet the company's working capital requirements and other general business objectives.
Fast Track Finsec Pvt Ltd was the book-running lead manager for the Ambey Laboratories IPO, and Link Intime India Private Ltd was the registrar. Nikunj Stock Brokers was the market maker for the IPO.
The grey market premium for Ambey Laboratories IPO was +28, indicating that shares were trading at a ₹28 premium in the grey market. Based on the upper end of the IPO pricing band and the current premium, the estimated listing price was suggested to be ₹96 per share, 41.18% higher than the IPO price of ₹68. The grey market premium reflects investors' willingness to pay more than the issue price.
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