Citichem India IPO: Check Day 1 Subscription Status, GMP, Price Band, Issue Size And More

Citichem India Ltd., a supplier of speciality chemicals, bulk drugs, and intermediate products to the pharmaceutical industry, launched its Initial Public Offering (IPO) on December 27. The company aims to raise Rs 12.6 crore through its BSE SME IPO, which consists entirely of a fresh issue of 18 lakh shares.

Ahead of the opening of Citichem India IPO, here is what investors must know about the offer, price band, GMP and other details.

Citichem India IPO will remain open for bidding between Dec. 27 and Dec. 31. 

Share allotment for the IPO is likely to be done on Wednesday, Jan. 1, 2025, with successful bidders getting their credit of shares to Demat accounts on Jan. 2. Refunds will be initiated for non-allottees on the same day.

Shares of Citichem India are likely to be listed on BSE SME on Friday, Jan. 3.

Citichem India IPO price band has been set at Rs 70 per share, making it a fixed price issue. Retail investors are required to apply for a minimum of 2,000 shares in one lot, taking the investment amount to Rs 1,40,000 for a single lot application.

KFin Technologies Ltd. is the registrar for the Citichem India IPO, while Horizon Management Pvt. has been appointed as its book-running lead manager.  Aftertrade Broking Pvt. is the market maker for the issue.

Citichem India IPO has been subscribed 18.45 times as of 2:24 p.m. on Friday.

• Non-Institutional Investors: 5.38 times

• Retail Investors: 31.52 times

The subscription status will be updated at regular intervals.

Citichem India IPO GMP (grey market premium) was Rs 30 apiece as of 12:57 p.m. on Dec. 27, according to InvestorGain. This projects a listing gain of 42.86%, with the shares likely to debut at Rs 100 on BSE SME if the current trends are sustained.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Citichem India Ltd. supplies organic and inorganic chemicals, bulk drugs, and food chemicals to the pharmaceutical industry after buying them. 

The company is involved in the direct supply of speciality chemicals, bulk drugs and intermediate products.

The company will use a portion of the IPO proceeds to fund capital expenditure to buy a property as well as transportation vehicles and accessories. The remainder funds will be used for general corporate purposes and issue expenses.

Citichem India Ltd. reported a revenue of Rs 1.49 crore and a net profit of Rs 19.95 lakh for the period up to June 30, 2024. In FY24, its revenue dipped by 6% to Rs 19.6 crore from Rs 20.94 crore in FY23. However, the PAT during this period rose 208% year-on-year to Rs 1.11 crore from Rs 36.26 lakh.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.