Citichem India shares made a completely flat debut on Friday, January 3, listing at ₹70 on the BSE SME platform, which was the same as the IPO price. The initial public offering (IPO), valued at ₹12.60 crore, had opened for subscription from December 27 to December 31, 2024. With an IPO price band set at ₹70 per equity share.
Citichem India IPO Subscription Status
Citichem India’s IPO saw massive demand, with 70.77 crore bids for 17.08 lakh shares, subscribing 543.18 times in the retail segment and 277.88 times by NIIs.
Citichem India IPO GMP
Citichem India’s IPO GMP peaked at ₹30 on December 26 and dropped to ₹15 on January 3. The unlisted shares are currently trading at a premium of ₹20 in the grey market, indicating a positive listing on the BSE SME platform, although actual performance may vary.
Details About Citichem India IPO
Citichem India’s IPO, valued at ₹12.60 crore, opened on December 27, 2024, and closed on December 31, 2024. It offers 18 lakh shares at ₹70 each, with a minimum investment of ₹1,40,000 for retail investors. The IPO will list on the BSE SME platform on January 3, 2025. The company’s revenue in 2024 was ₹19.61 crore, with profits rising from ₹0.36 crore in 2023 to ₹1.12 crore in 2024, making it a potential long-term investment.
About Company
Founded in 1987, Citichem India Limited is a leading distributor of industrial chemicals, specializing in specialty chemicals, bulk drugs, and intermediates. The company serves various industries, including pharmaceuticals, textiles, and food, offering products like caustic soda, citric acid, and hydrogen peroxide. With a focus on quality and innovation, Citichem operates through divisions in specialty chemicals, food chemicals, and laboratory chemicals.
Led by experienced promoters, the company employs a scalable business model and maintains strong supplier and customer relationships, positioning it for growth in domestic and international markets.
Citichem India Company’s Financial Background
Citichem India’s revenue dropped from ₹85.28 crore in 2022 to ₹19.61 crore in 2024, while profit after tax grew from ₹0.24 crore to ₹1.12 crore. Assets decreased from ₹91.43 crore to ₹69.33 crore, reflecting a contraction in operations. The company has improved cost management, shown by the rise in profit despite lower revenue.