Pharmaceutical company, Ami Organics on Tuesday announced that it has collected Rs 171 crore from anchor investors, a day before its initial share sale opens for a subscription. The Surat-based company’s IPO will open on Wednesday 

According to a Bombay Stock Exchange circular, Ami Organics had decided to allot a total of 28,01,485 equity shares priced at Rs 610 each that led to the collection of a total of Rs 170.89 crore from anchor investors.

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Anchor investors of any company are the first investors in an IPO and are qualified institutional buyers.   

Some of Ami Organics’ key anchor investors are SBI Life Insurance Company, Aditya Birla Sun Life Insurance Company, Kotak Mahindra Life Insurance Company, UTI Mutual Fund, SBI Mutual Fund, Kuber India Fund and Sundaram MF.

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About the Initial Public Offering, Amy Organics IPO that opens on Wednesday will open equity shares worth Rs 200 crore and an offer for sale of up to 6,059,600 equity shares by existing shareholders for a subscription.

The issue, with a price band of Rs 603-610 per share, will conclude on September 3 after a three-day bid.

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Bids can be made for a minimum of 24 equity shares and multiples of 24 after that. The retail investors can subscribe for a minimum of Rs 14,640 worth of shares in a single lot during the issue, and the maximum can go as high as Rs 1, 90,320 for 13 lots.

The chemical makers have reduced this issue size to Rs 200 crore from Rs 300 crore after raising Rs 100 crore in a pre-IPO placement.

According to IPO Watch, Ami Organics shares will be available in the grey market at a premium of Rs 130 on September 1. The grey market premium has risen from Rs 50 on August 27 to Rs 130 on September 1.

Grey Market premium is the price at which a share is being traded in the Grey Market, which is an unofficial market for financial securities as in not regulated by SEBI. Grey Markets are not illegal.

Founded in 2004 in Surat, Gujarat, Ami Organics is a research and development driven pharma company.