Given the phenomenal response among investors, it is expected that Citichem India IPO, an SME offering, will list at a significant price offering a listing gain for the successful bidders of the issue. The issue was subscribed 414.35 times overall – as much as 543.18 times in the retail category, and 277.88 times in NII category. The allotment of Citichem India shares took place on January 2, 2024.
Citichem India IPO consisted of fresh issue only. It had a fixed price of Rs 70 and was designed to raise Rs 12.60 crores. The minimum investible lot for retail investors was 2,000 shares which entailed an application amount of Rs 1.4 lakh. For HNIs, the application money was Rs 2.8 lakh since the minimum lot had 4,000 shares.
Citichem IPO GMP
The Citichem IPO GMP (Grey Market Premium) was positive and signalled a listing gain but it was nothing remarkable as the rush for application seemed to suggest. The GMP of Citichem India SME IPO dipped from Rs 20 to Rs 15 on January 2. With this GMP, the listing price is estimated at Rs 85 (Rs 70 + Rs 15). The listing gain would be 21.43%. The shares will list in the BSE SME segment. However, it must be kept in mind that GMP is an unofficial indicator that does not guarantee anything – listing gain or listing loss.
Company of 9 employees
Mumbai-based Citichem India had only 9 employees as on June 30, 2024. The firm was set up in 1992. It is in the business of buying and supplying organic and inorganic chemicals, bulk drugs etc. The business strategy of the company involves a focus on the direct supply of specialty chemicals, bulk drugs, and intermediate products.
Citichem India said that it will utilise the proceeds of the issue for capital expenditure and acquisition of property, purchase of transportation vehicles and accessories and general corporate purposes.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
All eyes today will be on the listing of Citichem India IPO. It got a stupendous response among investors and was subscribed 414.35 times. While the issue was subscribed 543.18 times in the retail category, it was subscribed 277.88 times in the NII category. The allotment of shares took place on January 2, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
