Sacheerome IPO Day 2: Issue subscribed over 30x; check key details

According to NSE data, till 5 PM, the issue has received bids for 13,32,49,200 shares as compared to 4,321,200 shares on offer, leading to an 30.84 times subscription.

The fragrances and flavours maker has set a price band of ₹96 to ₹102 per share. The initial share sale will conclude on Wednesday, June 11.

The company intends to raise ₹61.62 crore by issuing 60.41 lakh new equity shares.

Funds up to ₹56.5 crore will be used for setting up a new manufacturing place, and the remaining for general corporate purposes.

The application size is 1,200 shares, which will be costing ₹1,22,400 (cut-off price) to retail investors. For high-net-worth investors, the minimum investment is ₹2,44,800.

The basis of allotment of the Sacheerome IPO will likely be finalised on June 12. Refunds for non-allotees will be processed on June 13. Shares will be credited to the Demat account of allottees on the same day. The listing on the NSE SME platform Emerge will occur on June 16.

GYR Capital Advisors is the public offer's book-running lead manager, while MUFG Intime India (formerly Link Intime) is the registrar.

Sacheerome is engaged in the designing and manufacturing of fragrances and flavours. Its products follow global standards such as the International Fragrance Association (IFRA), Food Safety and Standards Authority of India (FSSAI), European Commission (EU), and Flavour Extract Manufacturers Association (FEMA).

Fragrances made by the company are used in personal care and washing, hair care, body care, home care, fabric care, grooming and other industries. Its flavours are used in beverages, bakery, dairy products, confectionery, oral care, meat products, seasonings and others.

In the financial year 2023-24, the firm had posted a 21.81% jump in its revenue to ₹86.4 crore compared to ₹70.93 crore in the previous year.

The net profit was reported at ₹10.67 crore in FY24, up 78.12% from ₹5.99 crore in FY23.