Citichem India IPO booked 414 times on final day; check allotment and listing date

The initial public offering of chemicals supplier Citichem India Limited continued to see huge demand on Tuesday, December 31, the third and last day of bidding. The ₹12.6-crore public offer opened for subscription on the BSE SME platform on Friday, December 27.

According to exchange data, Citichem India IPO attracted applications for nearly 70.78 crore shares against a net issue size of 17.08 lakh equity shares. The issue was booked 414.4 times.

The fixed-price issue was subscribed 543.18 times in the retail category, with bids for over 46.38 crore shares against 8.54 lakh shares reserved for the segment. The Non-Institutional Investors (NIIs) applied for nearly 23.74 crore shares against 8.54 lakh shares on offer. The NIIs booked their quota 277.87 times. In the Qualified Institutional Buyers (QIBs) category, the IPO received bids for over 65.28 lakh shares.

Citichem India Ltd IPO details

Citichem India IPO was a fixed price issue that comprised a fresh issuance of 18 lakh shares. Of these, 92,000 shares were marked for the market maker.

The company set the price at ₹70 per share for the IPO. For retail investors, the minimum lot size for an application was 2,000 shares, and the minimum investment required was ₹1,40,000.

Horizon Management is the book-running lead manager, while Kfin Technologies is the registrar of the Citichem India IPO.

Citichem India Limited will announce the IPO share allotment on January 1, 2025. Successful bidders will be informed about the allotment through SMS and emails. However, investors can check the allotment status on the BSE and the official website of IPO registrar Kfin Technologies.

The company will initiate refunds and start crediting shares to the Demat accounts on Thursday, January 2, 2025. Citichem India Limited shares are scheduled to be listed on the BSE SME platform on Friday, January 3.

Citichem India IPO objective

The company will invest IPO proceeds in acquisition of property and purchase of vehicles and accessories. It has proposed to utilise ₹3.6 crore for the acquisition of a property at Bhiwandi, near Mumbai, for warehousing purposes.

The company will invest IPO proceeds in the acquisition of property and the purchase of vehicles and accessories. It has proposed to utilise ₹3.6 crore for the acquisition of a property at Bhiwandi, near Mumbai, for warehousing purposes.

Citichem India plans to utilise ₹4.69 crore to purchase transportation vehicles and accessories. The remaining IPO funds will be used for general corporate purposes.

Citichem India Limited supplies organic and inorganic chemicals, bulk drugs and food chemicals. The company focuses on direct supplies to pharmaceutical players.

The company also trades in speciality chemicals and intermediates with diverse applications across industries such as steel, aluminium, textiles, dairy, paper, paints, dyes and intermediates. It also supplies food preservatives and chemicals, sold through a distribution team.

The company reported total income of ₹19.6 crore for the financial year ended on March 31, 2024, compared to ₹20.94 crore in the previous financial year. Its Profit after tax stood at ₹1.12 crore in FY24 compared to ₹36.26 lakh in FY23.