Shivam Chemicals IPO fully subscribed on day 1: Check subscription, price band, lot size and share allotment

Shivam Chemicals IPO has opened to a strong demand from the investors as the initial public offer was fully subscribed on the first day of bidding.

The BSE SME IPO, a fresh issue of 45.87 lakh shares of a face value of ₹10 each, opened for subscription on April 23. The fixed-price issue worth ₹20.18 crore will close on Thursday, April 25.

The initial public offer received bids for 43.77 lakh shares on the first day of subscription against 43.56 lakh shares on offer for public investors, entailing a 100% subscription on the first day.

The public issue received bids for 28.17 lakh shares from retail investors compared to 21.78 lakh shares reserved for the category. The non-institutional investors (NIIs) category received bids for 15.6 lakh shares against 21.78 lakhs shares set aside for the segment, as per the BSE data.

The SME public offer has 50% of the issue size reserved for retail investors and the same quantity for investors in other categories.

Sanjiv Girdharlal Vasant, Soham Sanjiv Vasant and Shivam Sanjiv Vasant are the promoters of the company. They together hold 100% in the company and post the public offer, their stake will come down to 73%.

Shivam Chemicals IPO price band, lot size and other key details

Shivam Chemicals IPO price band has been fixed at ₹44 per share and the minimum lot size for an application is 3,000 shares. Retail investors will be required to invest at least ₹1,32,000 for one lot.

For high networth individuals, the minimum lot size to invest is 2 lots, or 6,000 shares, amounting to an investment of ₹2,64,000.

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Shivam Chemicals IPO allotment and refunds

Shivam Chemicals IPO share allotment status is expected to be finalised on Friday, April 26. Those who fail to get IPO shares will receive their refunds by April 29 and successful applicants will get shares credited into their Demat accounts on the same day.

Shivam Chemicals IPO listing

Shivam Chemicals IPO shares will be listed on BSE SME with a tentative listing date fixed as April 30, 2024.

Shivam Chemicals IPO objective

The IPO proceeds will be mainly used to finance working capital requirements. Shivam Chemicals looks to use ₹70 crore of the IPO net proceeds for working capital requirements in this fiscal. The company will also invest in subsidiaries to enhance capacity.

Shivam Chemicals IPO Registrar

Aryaman Financial Services Ltd is the book-running lead manager of the IPO. Cameo Corporate Services Ltd has been appointed as the registrar of the issue. Shreni Shares will serve as the market maker for the Shivam Chemicals IPO.

About Shivam Chemicals Ltd

The company was set up as 'Sun Organosys Pvt Ltd' in 2010, but later renamed as 'Shivam Chemicals Ltd' in 2023. It is a big player in the manufacturing of hydrated lime and distribution of several other products.

Shivam Chemicals has a strong marketing network, having distributed over 2.50 lakh metric tonnes of products.

Shivam Chemicals' portfolio comprises a wide range of products used by many industries and domains. The company's portfolio includes poultry feed supplements, limestone powder, hydrated lime (calcium hydroxide), di-calcium phosphate and magnesium oxide.

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