Amkay Products made a remarkable debut on the BSE on Wednesday, May 8, with its shares opening at a premium of 90 per cent at ₹104.50 compared to the issue price of ₹55 per share. Shortly after, the stock surged to a high of ₹109.72. By around 10:45 am, Amkay Products shares were trading at ₹109.72 each, marking a nearly 100 per cent increase from its issue price. Meanwhile, the Sensex was down 0.53 per cent at 73,126 during the same period.
The Amkay Products IPO witnessed robust demand across categories, resulting in an overwhelming response. Overall, the IPO was oversubscribed by a staggering 748.03 times, with bids received for 113.85 crore equity shares against the offered 15.22 lakh shares. The retail category saw a subscription of 973.14 times, while qualified institutional buyers (QIB) subscribed 173.04 times, and non-institutional investors (NII) subscribed 987.34 times.
The ₹12.61 crore IPO of Amkay Products was open for subscription from April 30 to May 3. It comprised a fresh issue of 22.92 lakh equity shares with a price band set at ₹52 to ₹55 per share.
Amkay Products specializes in manufacturing, assembling, and distributing medical devices and healthcare products, including alcohol swabs, lancet needles, pulse oximeters, nebulizers, face masks, and surgeon caps. Additionally, the company brands and promotes select items like diapers, plastic gloves, and suction machines.
For FY21, FY22, and FY23, the company’s revenue from manufacturing operations amounted to ₹3,020.24 lakh, ₹2,255.89 lakh, and ₹2,224.59 lakh, respectively. Revenue from branding and trading operations during the same periods stood at ₹1,049.71 lakh, ₹1,394.48 lakh, ₹561.83 lakh, and ₹437.71 lakh, respectively.
