Ami Organics Limited, a specialty chemicals firm, is all set to open its three-day initial public offer for subscription from September 1-3, 2021. The company on Friday has set a price band of Rs 603-610 per equity share, as news agency Press Trust of India (PTI) reported.

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The initial share sale of Ami Organics consists of a fresh issue of Rs 200 crore and an offer for sale (OFS) of 60,59,600 equity shares by 20 shareholders, which included Kiranben Girishbhai Chovatia, Parul Chetankumar Vaghasia, Girishkumar Limbabhai Chovatia, and Aruna Jayantkumar Pandya, the company’s red herring prospectus (RHP) paper available on exchanges reveal.

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According to the upper end of the price band, the Ami Organics IPO is expected to fetch Rs 569.63 crore. The proceeds from the fresh issue will be used towards repayment of certain debt and funding working capital requirements, the draft paper mentioned.

The draft paper also pointed out that half of the issue size has been reserved for qualified institutional investors, while 35 per cent has been kept for retail investors and the remaining 15 per cent for non-institutional investors.

The lead managers to the issue are Axis Capital Limited, Ambit Private Limited and Intensive Fiscal Services Private Limited. The equity shares of the company will be listed on BSE and NSE.

The company had filed draft papers with the Securities and Exchanges Board of India on June 5, 2021. This is the second attempt of Ami Organics to go public. Ami Organics earlier had filed preliminary papers with SEBI in 2018 and had received the regulator's nod, however, it did not float the IPO.

Ami Organics is one of the leading R&D driven manufacturers of specialty chemicals with varied end usage, focusing on the development and manufacturing of pharma intermediates for regulated and generic APIs (active pharmaceutical ingredients) and NCE (new chemical entity) and key starting material for agrochemical and fine chemicals.