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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital Expenditure and Working Capital Support for Subsidiary
Funding capital expenditure and meeting working capital requirements of wholly owned subsidiary Croda Pigments Private Limited.
Prepayment or Repayment of Certain Borrowings
Repaying or prepaying existing credit facilities to reduce interest cost and optimize overall debt structure.
General Corporate Expenses and Growth Initiatives
Funding general corporate operations, administrative activities, and general business expansion.
(₹ in Crore)
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Amtech Esters Limited, established in 2002 as Amtech Esters Private Limited and subsequently converted into a public entity in December 2023, operates as a business to business specialty chemical enterprise. The company focuses on the manufacturing of Unsaturated Polyester Resins (UPRs), offering multiple specialized grades tailored for industrial applications. Alongside its core manufacturing operations, the enterprise engages in trading complementary products across the composite materials value chain, including fiberglass, hardeners, silicone compounds, and ancillary chemical inputs. The company conducts its primary production activities from an automated manufacturing facility situated at Bahadurgarh in the Jhajjar district of Haryana. To complement its primary resin portfolio, the company operates a wholly-owned subsidiary, Croda Pigments Private Limited, which manufactures industrial pigments and colorants utilized in paints, dyes, and surface coatings. This subsidiary integration allows the business to deliver an expanded range of materials to its commercial client base. Amtech Esters serves industrial customers across various sectors, including composite material fabrication, automotive component manufacturing, construction panels, and marine structures. The company focuses on expanding its resin formulations, optimizing manufacturing efficiency, and strengthening its distribution network to serve the growing demand for synthetic resins and composite solutions across domestic markets.
Amtech Esters Limited raised Rs 5.08 crore by allocating 6,76,800 equity shares to institutional anchor investors at Rs 75 per share, with participants including Holani Venture Capital Fund - I and Flumen Investment Trust - 1729.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 September 2026, 2:20 PM
Established Polyester Resin Production Infrastructure
Maintains dedicated chemical manufacturing capabilities for Unsaturated Polyester Resins designed for diverse composite and industrial applications.
Integrated Industrial Pigment Subsidiary
Operates Croda Pigments Private Limited to produce complementary colorants and pigments alongside its primary resin portfolio.
Broad B2B Customer Base Across Multiple Sectors
Supplies commercial clients in automotive, construction, marine, and composite material industries, diversifying end-market demand.
Raw Material Price Volatility
Manufacturing operations rely on petrochemical derivatives, making operational profit margins sensitive to fluctuations in raw input costs.
Geographic Concentration of Manufacturing Infrastructure
Primary production assets are located at a single facility in Bahadurgarh, Haryana, creating exposure to regional operational disruptions.
High Working Capital Requirements
Chemical production and trading activities require substantial working capital to maintain inventory levels and support customer credit terms.
Amtech Esters Limited
Maashitla Securities Private Limited
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