India\u2019s major consumer durable appliance manufacturer, Amber Enterprises\u2019 IPO got subscribed by more than 3.6 times at the end of second day of bidding, backed by strong demand from institutional investors. Amber Enterprises\u2019 IPO which planned to raise up to Rs 600 crore received bids for\u00a01,77,83,666 shares, as against the issue size of 49,27,351 shares implying more 3.6 times subscription. Notably, the issue saw heavy demand from institutional investors who bid for a total of more than 6 times their reserved quota, bidding for a total of 84.08 lakh shares as against 13.93 lakh shares reserved for them. The retail investor category registered the next highest demand at 3.6 times, as investors from the category bid for a total of\u00a0 87.97 lakh shares as against an issue size of 24.38 lakh shares. The employee quota saw bids for a total of 62,696 shares as against 50,000 shares reserved for them implying 1.26 times subscription. The non-institutional investor portion registered the least demand at 50% of the total shares reserved. Amber Enterprises\u2019 IPO comprises a fresh issue of equity shares aggregating up to Rs 475 crore and an offer for sale of up to Rs 125 crore by promoters Jasbir Singh aggregating up to Rs 62.5 crore and Daljit Singh up to Rs 62.5 crore. The issue will remain open till Friday, 19th January 2018. The company has set a price band of Rs 855-859 for the public offer. Bids can be made in minimum lot of 17 equity shares and in multiples of 17 shares thereafter. According to the company\u2019s prospectus, objects of the offer include repayment\/pre-payment, in full or in part, of certain borrowings availed by the company for Rs 345 crore and general corporate purpose. \u201cAt the upper end of the price band, the P\/E multiple works out be 80x (pre issue equity base) of FY17 EPS which prima facie looks on the higher side. However, considering future earnings growth trajectory to be very robust (FY19 earnings expected to be 4x of FY17 earnings); we feel that the stock would trade at ~22-25x (post issue equity base) on our rough EPS for FY2020 which looks very attractive. Its closest peer \u2013 Dixon Technologies is trading at higher valuation of 30x FY20 earnings. We recommend \u2018SUBSCRIBE\u2019 on the issue for a mid-to-long term period,\u201d Angel Broking said in its note.