Phytochem Remedies IPO: The maiden share sale of Phytochem Remedies kicked off for bidding on December 18, with an aim to raise ₹38.22 crore. The initial public offering (IPO) will be available for subscription till December 22.
Phytochem Remedies IPO is entirely a fresh share sale of 0.39 crore shares. Since it is a fixed price issue, the shares are being sold at ₹98 as against a price band. Investors can bid for the Phytochem Remedies IPO in a lot size of 1200 shares. A retail investor needs to shell out at least ₹2,35,200 to apply for Phytochem Remedies IPO, as they need to bid for two lots at the minimum.
Since the IPO is a fresh offer, the company has earmarked ₹13.60 crore for the purchase of machinery, ₹5.88 crore for civil construction, ₹9.37 crore for repayment of certain borrowings and the rest for general corporate purposes.
Phytochem Remedies IPO allotment will be finalised on December 23, while the listing date for its shares is December 26. Shares of the company are slated to debut on the BSE SME.
Phytochem Remedies IPO Subscription Status
So far as of 1 pm on the first day of the bidding process, Phytochem Remedies IPO was booked 2%, receiving bids for 91,200 shares as against 37,03,200 shares on offer.
The retail portion of the IPO was booked 3% and the NII portion 2%.
Phytochem Remedies IPO GMP
The grey market premium (GMP) for Phytochem Remedies IPO was muted. Phytochem Remedies IPO GMP today is nil. This means that shares of Phytochem Remedies are trading at the same price as the IPO price in the grey market. If this situation persists, Phytochem Remedies IPO listing could occur at neither a discount nor a premium.
About Phytochem Remedies
Incorporated in 2002, Phytochem Remedies is a manufacturer of corrugated boxes and board solutions. It caters to industries such as food and beverage, FMCG, pesticides, pharma and automotive. The company operate in two units at Bari Brahmana, Jammu.
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