Citychem India Limited’s IPO got listed in the stock market today. However, its listing remained flat. The company’s shares opened at its issue price of Rs 70, which was a lower than expected result for investors. Selling pressure on the stock increased immediately after the listing, due to which it hit a lower circuit of 5%. Due to this, the intraday low of the share reached Rs 66.50.
IPO details
The IPO of Citychem India Limited was open for investors from December 27 to December 31, 2024. The issue had a price band of Rs 70 per share, and a minimum lot size of 2,000 equity shares. The company raised a total of Rs 12.60 crore from the issue, which was entirely based on sale of fresh equity shares.
- Subscription Data:
- The IPO received a total subscription of 414.35 times.
- More than 3 lakh investors applied for it.
- The share of non-institutional investors (NII) was subscribed 277.88 times.
- The portion of retail investors received subscription 543.18 times.
- The total bids came to around Rs 5,000 crore.
Company Introduction
Established in 1992, Citichem India specializes in the supply of organic and inorganic chemicals, bulk medicines and food chemicals to the pharmaceutical industry. The company particularly focuses on direct supply of specialty chemicals, intermediates and bulk medicines.
- Employee: As of June 30, 2024, the company had only 9 employees.
- Major Partners:
- Book Running Lead Manager: Horizon Management.
- Registrar: Kfin Technologies.
- Market Maker: Aftertrade Broking.
stock market performance
The company’s shares were listed on the BSE SME platform on January 3, 2025. However, flat listings and early selling pressure disappointed investors.
