The SME IPO of Amba Auto Sales and Services will open for subscription on Monday, with early grey market trends indicating limited listing gains as the premium stands at zero. The Rs 65 crore SME issue, which is entirely a fresh issue, will remain open for bidding till April 29 and is scheduled to list on the NSE SME platform on May 5.

The price band has been fixed at Rs 130-135 per share, with a minimum application size of 2,000 shares for retail investors, translating into an investment of Rs 2.7 lakh at the upper end.

Despite the IPO hitting the market at a time when primary activity remains active, the absence of any grey market premium suggests cautious sentiment among investors, particularly in the SME segment where listing gains have become less predictable in recent months.

About the company

Amba Auto operates as an authorised dealer for Bajaj Auto and LG Electronics, running its business under the brands Amba Bajaj and Amba LG Best Shop. The company sells two-wheelers, three-wheelers and consumer electronics products such as televisions, air conditioners and appliances.

Its operations are concentrated in Bengaluru, where it has built a network of 29 showrooms and service centres across both segments. The company also provides after-sales support through 18 service centres, catering to both automobile servicing and electronics maintenance.
Financially, the company has shown steady growth. Revenue stood at around Rs 242 crore in FY25, while profit rose to Rs 7.78 crore, reflecting improving scale in operations. For the nine months ended December 2025, the company reported revenue of Rs 203.79 crore and profit of Rs 12.11 crore.
Proceeds and IPO structure
The proceeds from the IPO will primarily be used for working capital requirements and expansion. A portion will also go toward setting up new showrooms and renovating existing outlets, aimed at strengthening the company’s retail presence.

The issue structure is typical of SME offerings, with around half the net issue reserved for non-institutional investors, while retail participation accounts for about 40%. Institutional allocation remains relatively small, reflecting the scale of the offering.

With no grey market premium currently, the IPO appears positioned more as a steady business offering rather than a listing gains play, with returns likely to depend on long-term execution rather than immediate market sentiment.

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Oil prices continued to climb on Monday, gaining nearly 2% after U.S.-Iran peace talks lost momentum and shipments through the Strait of Hormuz remained constrained, keeping concerns over tight global supply in focus.

Expectations of renewed diplomatic progress weakened over the weekend after U.S. President Donald Trump cancelled a planned Islamabad visit by his envoys Steve Witkoff and Jared Kushner. This came even as Iranian Foreign Minister Abbas Araqchi arrived in Pakistan.

Crude oil price on April 27

Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, touching their highest level since April 7. U.S. West Texas Intermediate crude advanced $1.77, or 1.88%, to $96.17 a barrel.Last week, Brent posted a nearly 17% rise, while WTI gained close to 13%, marking their biggest weekly advances since the war began.

Iran has continued to demand that vessels seek its approval before transiting the Strait of Hormuz, while Trump said the U.S. has “total control” over the waterway. Meanwhile, the U.S. Navy has maintained a blockade aimed at Iranian ports and vessels.
Goldman Sachs raised its fourth-quarter oil price forecasts to $90 a barrel for Brent crude and $83 for WTI, citing reduced Middle East output.
“The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock,” Reuters reported, citing Goldman Sachs analysts.
According to a Haitong Futures note cited by Reuters, the current ceasefire phase increasingly looks like a build-up to further conflict. It added that if U.S.-Iran talks fail to deliver meaningful progress by the end of April and hostilities resume, oil prices could move to fresh highs for the year.

Macquarie estimates crude prices may stay supported in the $85 to $90 range in the near term, with a gradual rise toward $110 as supply conditions improve. It also warned that prolonged disruptions through April could send Brent as high as $150 per barrel.

Nuvama Institutional Equities said an extended closure of the Strait of Hormuz, which handles around 20 million barrels per day, could push crude prices into the $110 to $150 range.

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Thailand has a strong petrochemical industry supporting manufacturing but relies heavily on chemical imports. Key suppliers like Chandra Asri Group and Aster provide essential chemicals for various sectors.

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Key Points

• Thailand is a key player in Southeast Asia’s chemical industry, boasting the region’s second-largest petrochemical sector. Despite producing 32 million tons of chemicals annually, Thailand’s reliance on imports necessitates strong local suppliers to meet domestic needs. The industry supports various sectors, including textiles, automotive, and electronics.
• In 2024, Thailand exported $14.3 billion in chemicals, ranking 31st globally, yet imports exceeded exports. The chemical import market grew by 34.15% year-on-year. The first quarter of 2025 saw a 7.23% increase in imports, emphasizing the essential role of local suppliers in providing high-quality feedstocks.
• Chandra Asri Group and Aster are notable chemical suppliers, offering a range of products like olefins, polyolefins, and styrene monomer. Their expertise supports industries such as automotive and packaging, positioning them as leading partners for Thailand’s growing chemical market.

Economic Position and Chemical Industry Overview

Thailand holds a significant economic position in Southeast Asia, boasting the second-largest petrochemical industry in the region, which plays a vital role in supporting domestic manufacturing. Despite this impressive ranking, the country remains dependent on chemical imports to meet its demand. With an annual production of 32 million tons of chemicals, Thailand supplies various downstream products to sectors such as textiles, packaging, electronics, and automotive. Reports from the Office of Industrial Economics indicate a 4.60% growth in the chemical shipment index in early 2025, bolstered by hydrogen and nitrogen gases, although manufacturing production experienced a decline of 3.86%.

Role of Chemical Suppliers

The role of reliable chemical suppliers is crucial to sustain Thailand’s industrial growth. Notably, Chandra Asri Group and Aster serve as prominent players in this sector, providing high-quality chemicals essential for various industries. Their offerings include a range of olefins, polyolefins, styrene monomers, and butadiene, which are vital for producing high-value products such as automotive components and packaging materials. The partnership between Chandra Asri Group and Aster showcases a commitment to meeting the growing chemical demand in Thailand, thereby reinforcing the country’s industrial framework.

Import-Export Dynamics

Despite its strong production capabilities, Thailand’s chemical imports outpace its exports. In 2024, Thailand exported $14.3 billion worth of chemical products, while imports grew by 34.15%, reaching $4.4 billion in early 2025. This trend highlights the increasing reliance on foreign suppliers to fulfill rising domestic needs. As the market expands, the relationship between local suppliers like Chandra Asri Group and Aster and various industries becomes even more essential for ensuring a seamless supply of high-quality feedstocks. Collaborating with established suppliers can help domestic companies efficiently navigate the complex landscape of Thailand’s chemical market, optimizing their production capabilities.

Source : Overview of Chemical Industry and Supplier in Thailand

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