On BSE, the stock debuted at Rs 902, up 47.87 per cent.
The Rs 570 crore IPO, which was sold from September 1 to September 3, was subscribed 64.54 times. The category for qualified institutional buyers was subscribed 86.64 times while those for non-institutional investors attracted 154.81 times subscription. The quota reserved for retail individual investors was subscribed 13.36 times.
Analysts noted that the issue was reasonably priced. Considering the FY-21 adjusted EPS of Rs 14.82 on a post-issue basis, the IPO was sold at a PE of 41.16 with a market cap of Rs 2,222.7 crore while its peers, namely Aarti Industries and Hikal, were trading at PEs of 54.20 and 46.13, respectively.
Surat-based Ami Organics had raised Rs 171 crore from anchor investors at Rs 610 per share. The proceeds from the fresh issue will be utilised for repaying certain debts and for working capital along with general corporate purposes.
