Citichem India Limited's initial public offering (IPO) was highly successful, being subscribed 414 times on its final day of bidding. The IPO opened on December 27, 2024, on the BSE SME platform, with shares priced at ₹70 each. The company is set to list its shares on the BSE SME platform on January 3, 2025.
- The IPO was subscribed 414.4 times overall.
- Retail investors subscribed 543.18 times, bidding for over 46.38 crore shares.
- Non-Institutional Investors (NIIs) subscribed 277.87 times.
- Qualified Institutional Buyers (QIBs) also participated actively.
- IPO proceeds will be used for property acquisition and vehicle purchases.
What was the subscription level of Citichem India IPO?
The IPO attracted applications for nearly 70.78 crore shares against a net issue size of 17.08 lakh equity shares. This means the issue was oversubscribed by 414.4 times overall. The retail category saw bids for over 46.38 crore shares, 543.18 times its reserved quota. NIIs applied for nearly 23.74 crore shares, 277.87 times their quota. QIBs also showed interest with bids for over 65.28 lakh shares.
What are the details of the IPO pricing and lot size?
The IPO was a fixed-price issue set at ₹70 per share. The minimum lot size for retail investors was 2,000 shares, requiring a minimum investment of ₹1,40,000. The total public offer size was ₹12.6 crore, including a fresh issuance of 18 lakh shares, with 92,000 shares allocated to the market maker.
How will the IPO proceeds be used?
Citichem India plans to use the IPO funds primarily for acquiring property and purchasing vehicles and accessories. Specifically, ₹3.6 crore will be used to acquire a property at Bhiwandi near Mumbai for warehousing purposes. Additionally, ₹4.69 crore will be spent on transportation vehicles and accessories. The remaining funds will support general corporate purposes.
When will investors know about their share allotment?
The company will announce the IPO share allotment on January 1, 2025. Successful bidders will receive notifications via SMS and email. Investors can also check the allotment status on the BSE website and the IPO registrar Kfin Technologies' official site.
When will shares be credited and listed?
Refunds for unsuccessful applicants will begin on January 2, 2025, and shares will be credited to the Demat accounts of successful investors on the same day. Citichem India Limited shares will be officially listed on the BSE SME platform on January 3, 2025.
What does Citichem India Limited do?
Citichem India supplies organic and inorganic chemicals, bulk drugs, and food chemicals. The company focuses on direct supplies to pharmaceutical companies. It also trades in specialty chemicals and intermediates used in industries such as steel, aluminium, textiles, dairy, paper, paints, dyes, and intermediates. Food preservatives and chemicals are distributed through its sales team.
How has the company performed financially?
For the financial year ending March 31, 2024, Citichem India reported a total income of ₹19.6 crore, slightly lower than ₹20.94 crore in the previous year. Its profit after tax increased to ₹1.12 crore in FY24 from ₹36.26 lakh in FY23, showing improved profitability.
Frequently Asked Questions
Q: What is the IPO price of Citichem India shares?
A: The IPO price was fixed at ₹70 per share.
Q: When will Citichem India shares be listed?
A: The shares are scheduled to be listed on the BSE SME platform on January 3, 2025.
Q: How can investors check their share allotment?
A: Investors can check allotment status on the BSE website and the IPO registrar Kfin Technologies' official website after January 1, 2025.
