Ambey Laboratories IPO Oversubscribed 173 Times

New Delhi, Jul 8 (PTI) The initial public offering (IPO) of Ambey Laboratories received more than 173.18 times subscription on the final day of the offer on Monday amid encouraging participation from institutional investors.

The initial share sale received bids for 69,99,86,000 shares against 40,42,001 shares on offer, as per NSE SME data.

The category for non-institutional investors received 324.22 times while the Retail Individual Investors (RIIs) quota was subscribed 195.06 times, and the portion meant for Qualified Institutional Buyers (QIBs) received 61.90 times subscription.

The company had fixed a price band for the IPO at Rs 65-68 per share.

The Rs 44.68 crore IPO is a combination of a fresh issue of 62.58 lakh shares aggregating to Rs 42.55 crore and an offer for sale of 3.12 lakh shares aggregating to Rs 2.12 crore.

The net proceeds from the issue will be used by the company to meet the working capital requirements of the business, while the remaining capital will be used for general corporate purposes.

Incorporated in 1985, Ambey Laboratories manufactures agrochemical products for crop protection at its manufacturing facility in Rajasthan.

The company is promoted by Archit Gupta, Arpit Gupta, Sarina Gupta, and Rishita Gupta.

Fast Track Finsec is the sole book-running lead manager to the issue, while Link Intime India is the registrar to the issue.