Technichem Organics Listing: The listing of shares of chemical sector company Technikem Organics on BSE SME on January 7 was disappointing. The share was listed at Rs 57.25 with a slight premium of 4 per cent over the IPO upper price band of Rs 55.
The company manufactures a wide range of chemicals, specialty chemicals, pigment and dye intermediates and air oxidation chemistry. It supplies its products to many industries including pharmaceuticals, agriculture, coatings, pigments, dyes etc.
IPO got 425.09 times subscription
Technikem Organics’ Rs 25.25 crore IPO opened on December 31, 2024, and closed on January 2, 2025. In this 45.90 lakh new shares were issued. The price band was Rs 52-55 per share. The IPO received a total subscription of 425.09 times. The reserve portion for qualified institutional buyers was filled 101.49 times, the reserve portion for non-institutional investors was filled 1,078.9 times and the reserve portion for retail investors was filled 329.43 times.
The promoters of the company are Bharat Jayantilal Pandya and Pandya Anilkumar Jayantilal. The company raised Rs 7.14 crore from anchor investors before the IPO. The proceeds from the issuance of new shares in the IPO will be used to meet the capital expenditure requirements for setting up a new plant, to repay debt in full or in part and for general corporate purposes.
Financial position of Technichem Organics
Technichem Organics’ revenue declined by 8% to Rs 46.96 crore in FY 2024, from Rs 51 crore a year earlier. The company’s net profit increased by 173% to Rs 4.72 crore in FY 2024 from Rs 1.72 crore in FY 2023. In April-June 2024, the company’s revenue was Rs 14.87 crore and net profit was Rs 1.40 crore.
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