Citichem India IPO Oversubscribed 400X, Opens Flat On BSE SME
(MENAFN- KNN India)
New Delhi, Jan 3 (KNN) Citichem India Limited, a prominent industrial chemicals distributor, commenced trading on the BSE SME platform on January 3, 2025, with shares opening at Rs 70, matching their initial public offering price.
The listing follows an extraordinary response to the company's Rs 12.60-crore initial public offering, which garnered more than 400 times subscription during its offering period from December 27 to December 31, 2024.
The company, established in 1987, achieved a market capitalisation of Rs 45.56 crore upon listing. The initial public offering was structured with a lot size of 2,000 shares at Rs 70 per share.
Citichem India's remarkable subscription levels in the primary market underscore growing investor confidence in the SME segment, particularly in established companies with strong distribution networks in the industrial chemicals sector.
The company's flat listing, despite high subscription rates, reflects current market dynamics and valuation considerations in the SME space.
(KNN Bureau)
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