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Shivam Chemicals IPO listing: Shares debut at ₹48 with 9% premium on BSE SME
On listing day, Shivam Chemicals IPO share price shot up by as much as 9%.
Shivam Chemicals IPO share price: The company has made a decent stock market debut today by listing at ₹48 on the Bombay Stock Exchange (BSE) SME. The share price of Shivam Chemicals' IPO experienced a 9.09% premium over its issue price of ₹44 per share.
The notable part about Shivam Chemicals IPO listing today was that it happened at above what the market estimates had put it. Before the actual listing today, Shivam Chemicals IPO GMP was ₹2 per share, according to a LiveMint report. That suggested shares would list at approximately ₹46 per share and yet, when the debut happened, it shot up to ₹48.
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Shivam Chemicals specializes in distributing animal feed and poultry products, alongside its manufacturing operations focused on hydrated lime production.
Shivam Chemicals conducted an SME IPO with a fixed price offering. The company garnered ₹20.18 crore through this IPO, comprising solely of a fresh issue of 45.87 lakh shares. Shivam Chemicals launched its IPO on April 23 with a price band of ₹44 per share, and the bidding closed on April 25.
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The company intends to utilize the net proceeds from the IPO to support its working capital needs, invest in a subsidiary to enhance its working capital capabilities, and for general corporate purposes.
The allotment of Shivam Chemicals IPO shares was completed on April 26, with the listing date scheduled for today, April 30.
Shivam Chemicals IPO attracted significant investor interest, with the public offering oversubscribed by 6.61 times. Bids were received for 2.87 crore equity shares, surpassing the 43.56 lakh shares available in the offer.
Shivam Chemicals IPO was subscribed 8.88 times by retail investors and 4.33 times in Other category by April 25.
Shivam Chem promoters are Sanjiv Vasant, Soham Vasant and Shivam Vasant.
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Aryaman Financial Services served as the book running lead manager for the Shivam Chemicals IPO. Cameo Corporate Services was the IPO registrar.
