Amkay Products IPO booked 222 times on final day led by robust retail demand, check subscription updates

The initial public offer of Amkay Products received bids for 36.57 crore equity shares against 16.42 lakh shares on offer, the BSE data until 10 am showed. In total, demand exceeded the net issue size by over 222 times.

Healthcare products maker Amkay Products launched its SME public offer on the BSE SME platform on April 30 to raise a total of ₹12.61 crore. The issue closes on Friday, May 3.

The SME public offer has received robust demand from retail investors as well as non-institutional investors (NIIs) so far.

The retail individual investor category was booked more than 368 times. Retail investors placed bids for 28.07 crore equity shares against 7.62 lakh equity shares set aside for them.

The Non-Institutional Investors’ quota has been subscribed more than 189 times. NIIs placed bids for 8.45 crore equity shares against 4.46 lakh shares on offer.

However, the qualified institutional investors’ category was subscribed 79% on the final day of bidding. The IPO received a muted response from QIBs in the first two days of bidding as it was booked just 9% on Day 2. QIBs usually place bids on the final day of the subscription.

Exchange data showed that QIBs placed bids for 3.44 lakh equity shares against 4.34 equity shares on offer for QIBs, resulting in a subscription of 79%.

Amkay Products IPO details

Amkay Products IPO is a book-built issue comprising a fresh issue of 22.92 lakh shares. The company has fixed the price band at ₹52- 55 per share. The minimum lot size is 2000 shares for retail investors. The minimum amount of investment is ₹110,000 for retail investors.

Hem Securities Limited is the book running lead manager. Bigshare Services Pvt Ltd is the registrar for Amkay Products IPO. The market maker is Hem Finlease.

Amkay Products IPO share allotment and listing

Amkay Products is expected to announce the share allotment on May 6, Monday. Amkay Products IPO will list shares on BSE SME on May 8.

Amkay Products IPO objective

Amkay Products has proposed to utilise the net proceeds of the IPO to fund capital expenditure on the installation of additional machinery. IPO proceeds will also be used to meet the working capital requirement and general corporate purpose.

About Amkay Products

Amkay Products manufactures, assembles and markets medical devices, disposables and other healthcare products including face masks, alcohol swabs, lancet needles, nebulizers and Pulse Oximeters.

Its product portfolio comprises more than 30 products.

Amkay Products is also engaged in branding and marketing products like diapers, plastic gloves and suction machines.

The company began its journey by manufacturing and supplying a single product from its unit in Mumbai Vasai. Subsequently adding more products to its portfolio, Amkay Products entered into the branding & trading segment along with manufacturing.

Amkay Products reported a total income of ₹28.26 crore for the financial year ended on March 31, 2023. Its net profit was ₹1.52 crore in FY23. For the 9 months ending in December 2023, Amkay Products reported ₹2.15 crore in net profit with an income of ₹23.85 crore.

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