Ami Organics IPO to open on Sep 1; sets price band at Rs 603-610 per share

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. 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 one of the lea

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