The Citichem India IPO has garnered significant attention in the market, with its shares oversubscribed by an astonishing 414.35 times. The Mumbai-based company, incorporated in 1992, focuses on the supply of organic and inorganic chemicals, bulk drugs, and food chemicals to the pharmaceutical industry. Despite having just nine employees as of June 30, 2024, Citichem India has demonstrated strong investor interest, raising ₹12.60 crore through its IPO.
Here’s a detailed breakdown of the IPO, allotment process, and grey market premium (GMP) performance.
IPO Highlights
| Details | Information |
|---|---|
| Issue Type | Fixed Price Issue |
| Price Per Share | ₹70 |
| Lot Size | 2,000 equity shares |
| Total Shares Issued | 18 lakh (Fresh Issue) |
| Total Amount Raised | ₹12.60 crore |
| Subscription | 414.35 times |
| Listing Platform | BSE SME |
| Listing Date | January 3, 2025 |
| Lead Manager | Horizon Management |
| Registrar | KFin Technologies |
Subscription Breakdown
The Citichem India IPO received an overwhelming response across categories during its three-day bidding period from December 27 to December 31, 2024:
- Retail Investors: Subscribed 543.18 times.
- Non-Institutional Investors (NIIs): Subscribed 277.88 times.
In total, the IPO attracted over 3 lakh applications, with bids totaling approximately ₹5,000 crore.
Grey Market Premium (GMP) Updates
The grey market premium (GMP) for Citichem India has experienced some fluctuations:
- Initially quoted at ₹30 per share on the first day of bidding.
- Currently stands at ₹20, suggesting a potential listing gain of 29-30%.
While GMP reflects investor sentiment, it is subject to volatility and does not guarantee performance on the listing day.
Allotment Status
The basis of allotment for Citichem India IPO will be finalized on Wednesday, January 1, 2025. Investors can expect updates on fund debits or IPO mandate revocations by Thursday, January 2, 2025.
How to Check Allotment Status on the BSE Website
- Visit the BSE allotment page.
- Under the issue type, select Equity.
- Choose Citichem India Limited from the dropdown menu.
- Enter your application number and PAN ID.
- Complete the captcha and click Search.
How to Check Allotment Status on KFin Technologies Portal
- Visit the KFin Technologies IPO status page.
- Select Citichem India IPO from the dropdown (available after allotment finalization).
- Choose one of the following:
- Application number
- Demat account number
- PAN ID
- Specify the application type (ASBA or non-ASBA).
- Fill in the captcha and click Submit.
Responsibilities of the Registrar
KFin Technologies, as the IPO registrar, ensures the smooth processing of:
- Application data.
- Share allotments to successful applicants.
- Refunds and electronic credit of shares.
- Handling investor queries related to the IPO process.
Company Overview
Founded in 1992, Citichem India specializes in the direct supply of specialty chemicals, bulk drugs, and intermediate products to the pharmaceutical industry. Its ability to attract massive investor interest despite being an SME with only nine employees reflects its market potential and strategic focus.
Listing Information
The shares of Citichem India will debut on the BSE SME platform on Friday, January 3, 2025.
Conclusion
The Citichem India IPO has captured investor enthusiasm, with record-breaking oversubscriptions and promising GMP indicators. With the allotment status set to be finalized soon, investors eagerly await the listing day to realize potential gains.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to conduct their research or consult with financial advisors before making investment decisions.
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