Ambey Laboratories SME IPO Oversubscribed 173 Times On Final Day

ENA MSME 2024-07-09 17:03:54 New Delhi, Jul 9 (KNN) The initial public offering (IPO) of Ambey Laboratories, a Rajasthan-based agrochemical manufacturer, closed on Monday with overwhelming investor response, garnering 173.18 times subscription. According to data from the NSE SME platform, the IPO received bids for 69.99 crore shares against the 40.42 lakh shares on offer. The non-institutional investor category saw the highest demand, with 324.22 times subscription, followed by retail individual investors at 195.06 times. Qualified institutional buyers also showed strong interest, with their portion subscribed 61.90 times. The Rs 44.68 crore IPO comprised a fresh issue of 62.58 lakh shares and an offer for sale of 3.12 lakh shares. The company had set the price band at Rs 65-68 per share. Ambey Laboratories plans to utilise the net proceeds primarily for meeting working capital requirements, with the remainder allocated for general corporate purposes. Established in 1985, the company specialises in manufacturing crop protection products at its facility in Rajasthan. The promoters include Archit Gupta, Arpit Gupta, Sarina Gupta, and Rishita Gupta. Fast Track Finsec served as the sole book-running lead manager for the issue, while Link Intime India acted as the registrar. The strong investor response to Ambey Laboratories' IPO reflects growing interest in the agrochemical sector and small-to-medium enterprises in India's public markets. (KNN Bureau) 38535 https://knnindia.co.in/news/newsdetails/msme/ambey-laboratories-sme-ipo-oversubscribed-173-times-on-final-day 2024-07-09 17:03:54 knnindia.co.in Ambey Laboratories SME IPO Oversubscribed 173 Times On Final Day