IPO Details

Bidding Dates

26 Dec '24 - 30 Dec '24

Minimum Investment

₹1,40,000 / 1 Lot (2,000 Shares)

Price Range

₹70

Maximum Investment

₹1,40,000 / 1 Lot (2,000 Shares)

Retail Discount

Not Applicable

Issue Size

₹12.60 crore

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Eligible Employees  |  

Citichem India IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 26, 2024

IPO Closing Date

Dec 30, 2024

Basis of Allotment

Dec 31, 2024

Initiation of Refunds

Jan 1, 2025

IPO Listing Date

Jan 2, 2025

Citichem India IPO Subscription Details

DateNIIRetailTotal

Day 1Dec 26, 2024

 8.43x 46.12x 27.28x

Day 2Dec 29, 2024

 27.73x 121.52x 74.65x

Citichem India IPO Subscription Status Live

Investor Category Subscription (Times)
Non-Institutional Buyers 27.73x
Retail Investors 121.52x
Total 74.6x

About Citichem India IPO

Citichem India IPO is a fixed price offering amounting to ₹12.60 crore, comprising a fresh issue of 18.00 lakh equity shares. The issue price is set at ₹70 per share. Investors can apply with a minimum lot size of 2,000 shares, requiring a minimum investment of ₹1,40,000 for retail participants. High Net-Worth Individuals (HNIs) must invest in at least two lots (4,000 shares) amounting to ₹2,80,000.

The IPO dates, initially scheduled from December 27, 2024, to December 31, 2024, are subject to final confirmation. The share allotment is expected on January 1, 2025, with a tentative listing date on the BSE SME platform on January 3, 2025.

Horizon Management Private Limited is the lead manager, with Kfin Technologies Limited as the registrar. Aftertrade Broking Pvt Ltd serves as the market maker, ensuring liquidity in the market. This IPO aims to raise funds to support Citichem India's growth and expansion.

Industry Outlook

  1. India ranks 4th globally in agrochemicals production, contributing 16-18% of dyestuff output, with agrochemical exports worth $3.12 billion from April-December 2023.
  2. The Indian chemical industry, valued at $220 billion in 2022, is projected to grow to $300 billion by 2025, supported by a 9% annual demand increase.

Citichem India IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. For Capital expenditure for acquisition of Property;
  2. For purchasing of Transportation Vehicles and accessories;
  3. For General Corporate Purposes;
  4. For meeting the Issue Expenses.

About Citichem India Limited 

Incorporated in 1992, Citichem India Limited is a prominent supplier of organic and inorganic chemicals, bulk drugs, and food chemicals, primarily serving the pharmaceutical industry. The company specialises in the direct supply of specialty chemicals, bulk drugs, and intermediates, which find applications across diverse industries, including aluminium, steel, textiles, paper, dairy, paints, dyes, soap manufacturing, pharmaceuticals, food, and adhesives.

Citichem India also markets a range of food preservatives and chemicals under its own brand name. These products are distributed through an efficient network, ensuring safe and timely delivery of bulk supplies to clients. Its product portfolio includes items like Caustic Soda Flakes, Citric Acid Monohydrate, and Hydrogen Peroxide, catering to both domestic and international markets.

The company operates through three main business divisions. Its Specialty Chemicals and Active Pharmaceutical Ingredients (API) division focuses on indenting, sourcing, and customised supply solutions. The Food Chemicals division handles repackaging and retail distribution, while the Laboratory Chemicals division provides comprehensive solutions for laboratory needs.

As of June 2024, Citichem India Limited employs nine staff members, reflecting its streamlined and specialised operations.

How To Check the Allotment Status of the Citichem India IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Citichem India IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Citichem India IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Citichem India IPO 

Registered office: 7, Floor 1, Plot No 96, Dhram Jyoti, Kazi Sayed Street, Khand Bazar, Masjid Station, Mandvi, Mumbai - 400003, Maharashtra, India.

Phone: +91- 9223278100

E-mail: cs@citichemindia.com 

Citichem India IPO Reservation

Investor Category

Shares Offered

Anchor Investor Shares Offered

-

Market Maker Shares Offered

92,000 (5.11%)

Other Shares Offered

8,54,000 (47.44%)

Retail Shares Offered

8,54,000 (47.44%)

Total Shares Offered

18,00,001 (100%)

Citichem India IPO Lot Size

Application

Lots

Shares

Amount

Retail (Min)

1

2,000

₹1,40,000

Retail (Max)

1

2,000

₹1,40,000

HNI (Min)

2

4,000

₹2,80,000

Citichem India IPO Promoter Holding

Mr. Arif Esmail Merchant, Mr. Hashim Arif Merchant, Mrs. Fozia Arif Esmail Merchant and Mrs. Saima Hashim Merhant are the promoters of the company.

Share Holding Pre-Issue

83.25%

Share Holding Post Issue

61.21%

Key Performance Indicators for Citichem India IPO

As of March 31, 2024, the market capitalisation of Citichem India's IPO is ₹47.60 crore. Here are the KPIs of Citichem India:

KPI

Value

ROE (%)

15.42%

ROCE (%)

21.47%

Debt/Equity (x)

0.15

RoNW (%)

15.42%

PAT Margin (%)

5.70%

Price Metrics

Metric

Pre-IPO

Post-IPO

P/E (x)

2.24

1.17

EPS (₹)

31.3

59.65

Citichem India IPO Prospectus

Citichem India IPO Registrar and Lead Managers

Citichem India IPO Lead Managers

  • Horizon Management Private Limited

Registrar for Citichem India IPO

 Kfin Technologies Limited

    • Contact Number: 04067162222, 04079611000

 

  • Email Address: citichemindia.ipo@kfintech.com

 

Website: Citichem India IPO Registrar

Financial Performance of Citichem India Limited

Particulars For period ended June 3, 2024 Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operation (in ₹ lakh) 109.75 1,960.58 2,094.07 8,521.64
Profit After Tax (PAT) (in ₹ lakh) 19.95 111.83 36.26 23.94
Total Borrowings (in ₹ lakh) 108.21 108.21 109.65 110.62
Net Worth (in ₹ lakh) 745.06 725.11 613.27 577.01
Return on Equity (%) 2.68 15.42 5.91 4.15
Return on Capital Employed (%) 3.30 21.47 7.89 5.97
Current Ratio (x) 1.14 1.13 1.10 1.08
Earning Per Share (EPS)-in absolute ₹ 0.40 2.24 0.81 2.15

Know before investing

Strengths

9

  1. Experienced promoters with 25+ years in chemicals sourcing.

  2. Scalable business model driven by customer-centric order execution.

  3. Strong focus on quality products from credible suppliers.

  4. Strategic location reduces transportation costs significantly.

  5. Cordial supplier relationships ensure effective and timely sourcing.

  6. Trusted domestic buyers provide repeat orders, driving revenue growth.

  7. Dedicated after-sales network enhances customer satisfaction.

  8. Expanding domestic sales with strong customer relationships.

  9. Targeting regulated and semi-regulated unexplored markets for growth.

Risks

9

  1. Pending litigation against company and directors totals ₹13,966.30 lakhs.

  2. Delayed statutory filings indicate compliance challenges with regulatory authorities.

  3. High revenue dependence on top 10 customers at 100%.

  4. Involves trading hazardous chemicals, increasing accident and liability risks.

  5. No registered trademarks, risking brand-related legal disputes.

  6. Negative cash flows reported in FY2022 with ₹597.08 lakhs loss.

  7. Transportation vehicle procurement delays may disrupt operational plans.

  8. Lack of insurance coverage increases financial vulnerability to disasters.

  9. Registered and corporate offices rented, posing potential relocation risks.

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Citichem India Limited Peer Details Comparison

Company Name EPS (Basic) P/E (x) RoNW (%) P/BV Ratio
Citichem India Limited 2.24 31.3 15.42 14.5
Shankar Lal Rampal Dye-chem Ltd 1.02 91.33 6.59 15.4
Vinyl Chemicals (india) Ltd. 11.91 30.31 18.71 63.66

Citichem India IPO FAQs

What is Citichem India Limited's IPO?

Citichem India IPO is a book-built issue IPO. It will be open from December 27, 2024, to December 31, 2024.

When will Citichem India IPO be allotted?

The Basis of Allotment will happen on Wednesday, January 1, 2025.

When will Citichem India IPO open for subscription?

The IPO subscription window will open on December 27, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 2,000 shares.

When will Citichem India Limited list on exchanges?

The listing date for Citichem India Limited is Friday, January 3, 2025.

What is the issue size of the Citichem India IPO?

The issue size of the Citichem India IPO is up to ₹12.60 crore, with a complete fresh issue of ₹12.60 crore.

What are the open and close dates of the Citichem India IPO?

The open and close dates for Citichem India IPO are from December 27, 2024, to December 31, 2024.

What would be the listing gains on the Citichem India IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

How to increase your chances of getting a Citichem India IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for Citichem India IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Citichem India Limited using one PAN?

You can submit only one application using your PAN card.

How to read Citichem India Limited's financial statements?

To read Citichem India’s financial statements, download the IPO’s RHP document.

What is 'pre-apply' for Citichem India Limited IPO?

Pre-apply allows investors to apply for the Citichem India IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the Citichem India Limited IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.

When will I know if my Citichem India Limited IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Citichem India IPO?

Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Citichem India IPO getting listed?

Citichem India Limited IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE).