Citichem India IPO day 1: Check GMP, subscription status, other details of SME IPO

Citichem India IPO day 1: The initial public offering (IPO) of Citichem India opened for public subscription on Friday, December 27. The SME IPO is entirely a fresh issue of 18 lakh shares aimed at raising nearly ₹13 crore. Grey market trends indicate investors are upbeat about the issue. The current grey market premium (GMP) of the stock suggests it could list at a premium of over 40 per cent.

Citichem India IPO subscription status

By 1:30 pm on Friday, the issue had seen an overall subscription of 15.63 times. The retail portion of the issue was subscribed 26.64 times, and the segment reserved for the non-institutional buyers was subscribed 4.63 times.

Citichem India IPO details

1. Citichem India IPO GMP: According to market sources, the latest GMP of Citichem India IPO is ₹30. Considering the issue price of ₹70 and the latest GMP, the stock is expected to be listed at ₹100, at a premium of nearly 43 per cent.

2. Citichem India IPO date: The issue opened for subscription on Friday, December 27, and will conclude on Tuesday, December 31.

3. Citichem India IPO price: The price of the public issue has been fixed at ₹70 per equity share.

4. Citichem India IPO size: The company intends to raise ₹12.60 crore from the issue. It will use the net proceeds from the issue for purchasing vehicles and accessories, the acquisition of property and general corporate purposes.

5. Citichem India IPO lot size: Bidders can apply in lots, and one lot of the SME IPO comprises 2,000 company shares.

6. Citichem India IPO reservation: The IPO offers 8,54 lakh shares to retail investors and an equal number of shares to other categories.

7. Citichem India IPO allotment date: The company will likely finalise share allotment on Wednesday, January 1. Successful bidders can get shares of the company in their demat accounts on Thursday, January 2, and bidders who fail to get the allocation may get the refund on the same day.

8. Citichem India IPO book-running lead manager and registrar: Horizon Management Private Limited is the book-running lead manager of the SME IPO, while KFin Technologies Limited is the registrar for the issue.

9. Citichem India IPO listing: As per SEBI’s T+3 rule, the Citichem India IPO shares may be listed on the BSE SME platform on Friday, January 3.

10. Citichem India IPO business overview: According to the company’s red herring prospectus (RHP), it is engaged in the buying, procuring, and supplying of organic and inorganic chemicals, bulk drugs, and food chemicals to the pharmaceutical industry.

As the RHP says, the company’s profit after tax (PAT) for FY22 stood at ₹23.94 lakh, which rose to ₹36.26 lakh in FY23 and ₹1.12 crore in FY24. This year, up to June 30, 2024, the company’s PAT came at ₹19.95 lakh.

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