January 25, 2018 / 4:02 AM / in a year

Strong demand for Amber

HONG KONG, Jan 25 (IFR) - The Rs6bn (US$94m) IPO of Amber Enterprises has drawn strong demand, having been 165 times covered. The high-net-worth tranche was 519 times covered, while the institutional portion was 175 times subscribed. The IPO, which comprises primary shares of Rs4.75bn and secondary shares of Rs1.25bn, was marketed at a price range of Rs855–Rs859 each. For the financial year to March 31 2017, Amber reported a net profit of Rs279m on revenue of Rs16.5bn. The company manufactures air-conditioners for consumer goods companies like Daikin, Hitachi, LG, Panasonic, Voltas and Godrej. BNP Paribas, Edelweiss, IDFC and SBI Capital were bookrunners. (Reporting by Fiona Lau)

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