Technichem Organics Debuts On BSE SME Platform With 9 Pc Gain Over IPO Price

(MENAFN- KNN India) New Delhi, Jan 7 (KNN) Technichem Organics commenced trading on the BSE SME platform Tuesday with a modest 4 per cent premium, as shares opened at Ra 57.25 against the issue price of Rs 55.

The stock demonstrated stronger performance in subsequent trading, climbing to Rs 60.10, representing a 9.27 per cent increase from its initial public offering price.

The company's Rs 25.25 crore SME IPO, which concluded its subscription period on January 2, 2025, garnered substantial investor interest with an overall subscription rate of 425 times.

The offering comprised 45.90 lakh fresh shares within a price band of Rs 52-55 per share.

Non-institutional investors led the robust response with a subscription rate of 1,078 times, while retail investors subscribed 329 times. Qualified institutional buyers showed measured enthusiasm, subscribing 101.49 times their allocated portion.

The chemical manufacturer intends to utilise the IPO proceeds primarily for establishing a new manufacturing facility, debt reduction, and general corporate purposes.

Technichem Organics specialises in producing a diverse range of chemical products, including pyrazoles, pyrazolones, specialty chemicals, and pigment and dye intermediates, serving various sectors such as pharmaceuticals, agriculture, and coatings.

The company has established an international footprint across 11 countries, with China representing a significant export market.

According to its Red Herring Prospectus, Technichem Organics maintains a strategic focus on portfolio expansion through continued research and development initiatives in its core chemical segments.

(KNN Bureau)

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