Technichem Organics, an manufacturere of Speciality Chemicals, Pigment & Dye Intermediates and Air Oxidation Chemistry will open their initial public offer (IPO), for subscription on Tuesday, December 31.
The Technichem Organics IPO is a Rs 25.25 crore book-built offering. This is a brand-new 45.90 lakh share offering. No offer for sale is portion is present in the IPO.
Price band and minimum bid
The IPO price range for Technichem Organics is Rs 52 to Rs 55 per share. Applications must have a minimum lot size of 2000. Retail investors must invest a minimum of Rs 1,10,000.
HNI requires a minimum lot size investment of two lots comprising of 4,000 shares, amounting to Rs 2,20,000.
Subscription and listing dates
The subscription period for Technichem Organics’ initial public offering (IPO) begins on December 31, 2024, and ends on January 2, 2025. On Friday, January 3, 2025, the Technichem Organics IPO allotment is anticipated to be finalised.
The tentative listing date for Technichem Organics’ IPO is set for Tuesday, January 7, 2025, on the BSE SME.
Utilisation of IPO proceedings
The net proceeds from the issue will be used by the company to finance its capital expenditure needs for the establishment of a new plant, which it plans to call ‘Plant 4.’
Some part of the procceds will go to repayment of specific loans obtained by the business from banks, financial institutions, and non-banking financial firms
Company financials
In the fiscal year 2023–2024, the company reported a 7.86 per cent decrease in its operating revenue to Rs 46.39 crore. The revenue for the previous year was Rs 50.35 crore.
In FY24, the profit after tax was Rs 4.72 crore, up 174.41 per cent from FY23’s Rs 1.72 crore. Revenue and net profit for the first quarter of FY24 were Rs 14.87 crore and Rs 1.40 crore, respectively.
