Amber, maker of ACs and washing machines for LG, Voltas, plans IPO

The other IPO which also received huge responses were Happiest Minds Technologies and Chemcon Speciality Chemicals, which was subscribed 150.98 times and 149.3 times respectively. Interestingly, both these stocks have seen bumper listing gained over 100 percent. Let's see how the IPO subscription and listing happened in 2020 so far, considered only IPOs issue size over Rs 100 crore.

Amber Enterprises, maker of air conditioners and washing machines sold by LG, Voltas and several other Indian and multinational companies, is exploring the possibility of listing on the stock exchanges by the first quarter of next financial year, according to a source familiar with the development.

The company plans to raise Rs. 500 crores-Rs. 600 crores via the initial public offering (IPO).

Hong Kong-based private equity company ADV Partners holds around 30 percent stake in Amber.

The company has appointed Edelweiss Securities and IDFC Bank as merchant bankers for the share sale process, the source told Moneycontrol.

Since the bankers were recently appointed, the quantum of stake sale by the promoters and an existing private equity investor and the number of fresh shares to be issued has not been firmed up.

The Gurugram-headquartered company was set up in 1992 by Kartar Singh. It is a contract manufacturer of various consumer durables like microwave ovens, refrigerators and air conditioners for both residential and commercial purposes. It also makes heat exchangers, injection moulding components and auto parts.

Amber’s client list includes Panasonic, Godrej, Whirlpool, Philips and the Indian Railways. It has factories more than nine factories, most of them located in the north -- Punjab, Haryana, Uttarakhand, Himachal Pradesh. Pune in Maharashtra houses its factory outside the north.