The initial public offer (IPO) of Shiv Texchem received bids for 1,53,99,200 shares as against 43,66,400 shares on offer, as per BSE data as of 17:00 hours on Tuesday (08 October 2024). The issue was subscribed 3.53 times.
The issue opened for bidding on Tuesday (08 October 2024) and it will close on Thursday (10 October 2024). The price band of the IPO is fixed between Rs 158 to Rs 166 per share. The minimum order quantity is 800 equity shares. The equity shares will list on BSE’s SME platform.
The IPO comprises a fresh issue of 61,05,600 equity shares. About 3,05,600 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 58,00,00 equity shares.
The company intends to utilize the net proceeds to meet long term working capital requirements of the company and general corporate purpose.
Ahead of the Shiv Texchem IPO on Monday, 07 October 2024, raised Rs 28.87 crore from anchor investors. The board allotted 17.39 lakh shares at Rs 166 per share to 10 anchor investors.
Shiv Texchem engaged in the business of importing and distribution of hydrocarbon-based chemicals of the product family viz. Acetyls, Alcohol, Aromatics, Nitriles, Monomers, Glycols Phenolic, Ketones, and Isocyanates. These critical raw materials are used across various industries, such as paints, coatings, printing inks, agrochemicals, specialty polymers, pharmaceuticals and industrial chemicals. The company has delivered a variety of products to a diverse range of customers such as Apcotex Industries, Hemani Industries, Gujarat Fluorochemicals amongst others. As of 30 June 2024, the company offers 43 products and it had 59 permanent employees.
The company recorded revenue from operations of Rs 566.04 crore and net profit of Rs 10.05 crore for the period as of 30 June 2024.