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Ami Organics IPO subscribs 65 times; Vijaya Diagnostic manages to sail through on final day

Qualified institutional investors subscribed 13.07 times while high networth investors got 1.32 times subscribed. Retail investors' demand was muted with subscribing just 1.09 times.Premium
Qualified institutional investors subscribed 13.07 times while high networth investors got 1.32 times subscribed. Retail investors' demand was muted with subscribing just 1.09 times.

  • At the end of the last day, the Ami Organics IPO attracted bids for more than 422.24 million shares compared with an issue size -- excluding the anchor book -- of 6.54 million shares
  • Vijaya Diagnostic Centre Ltd IPO managed to subscribe fully on the final day amid tepid demand from investors

Specialty chemicals maker Ami Organics Ltd subscribed 64.59 times on the final day of its initial public offering, with strong investor interest, stock exchange data showed.

At the end of the last day, the IPO attracted bids for more than 422.24 million shares compared with an issue size -- excluding the anchor book -- of 6.54 million shares. At the upper price band for the issue, the IPO drew bids worth roughly 25756.41 crore.

The institutional investor category was subscribed 86.02 times, receiving bids for 160.65 million shares. The non-institutional category comprising high net worth individuals was subscribed 155.44 times.

Demand from retail individual investors, whose investments cannot exceed 2 lakh in an IPO, stood at 13.42 times the 43.85 million shares on offer, exchange data showed.

Meanwhile, Vijaya Diagnostic Centre Ltd IPO managed to subscribe fully on the final day amid tepid demand from investors. Overall, subscription was at 4.54 times till the end of day, exchange data showed.

Qualified institutional investors subscribed 13.07 times while high networth investors got 1.32 times subscribed. Retail investors' demand was muted with subscribing just 1.09 times.

"We like Ami Organics given its wide product portfolio in PIs, diversification efforts into other specialty chemical space, strong clients’ relation across geographies and robust financials. It is well placed to tap opportunity in the fast-growing specialty chemical market by leveraging its strong R&D and expanding product portfolio. The issue is reasonably valued at 41.2x FY21 P/E on post issue basis (avg. peer FY21 P/E of 45x), while it enjoys higher growth. We believe that the market would like to give premium valuation to such niche stories", said Motilal Oswal in a note to its investors.

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