Specialty chemicals manufacturer Ami Organics will open its initial public offering (IPO) for subscription on September 1. The company has fixed the price band for the issue at Rs 603-610 per equity share. The offer will close on September 3.

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The IPO consists of a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) of shares worth Rs 369.64 crore. Twenty shareholders including Kiranben Girishbhai Chovatia, Parul Chetankumar Vaghasia, Girishkumar Limbabhai Chovatia, and Aruna Jayantkumar Pandya will participate in the OFS.

The company's promoters, Nareshkumar Ramjibhai Patel, Chetankumar Chhaganlal Vaghasia, Shital Nareshbhai Patel, and Parul Chetankumar Vaghasia hold 45.17 percent in the company.

The company plans to raise Rs 569.63 crore at the higher end of the price band.

The IPO market lot size is 24 shares and a retail individual investor can apply for up to 13 lots.

The company has already raised Rs 100 crore in a pre-IPO placement issue. Thus the fresh issue size has been reduced to Rs 200 crore from Rs 300 crore.

The company proposes to utilise the net proceeds from its fresh issue for repaying debts and working capital requirements.

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Intensive Fiscal Services, Ambit, and Axis Capital are appointed as the book running lead managers to the issue.

Ami Organics manufactures Advanced Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (API) for New Chemical Entities, and material for agrochemicals and fine chemicals.

The company has three manufacturing facilities in Gujarat situated at Sachin, Ankleshwar and Jhagadia, with an aggregate installed capacity of 6,060 MTPA.

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