Citichem India Limited to Launch Rs 12.60 Crore IPO

Citichem India Limited is set to open its IPO on December 27, 2024, aiming to raise Rs 12.60 crore. The proceeds will support capital expenditure, property acquisition, and distribution expansion. The IPO consists of 18,00,000 shares at Rs 70 each. Horizon Management and KfinTechnologies are involved in the process.

Citichem India Limited, a major player in the chemicals supply chain, announced the opening of its Initial Public Offering (IPO) on December 27, 2024. The company plans to raise Rs 12.60 crore by issuing 18,00,000 equity shares, priced at Rs 70 each, to be listed on the BSE SME platform.

The allocation of the equity shares includes 8,54,000 shares for Non-Institutional Investors, 8,54,000 shares for Retail Individual Investors, and 92,000 shares for the Market Maker. The capital raised will be directed towards capital investment, property acquisition, transportation assets, and general corporate purposes.

Horizon Management Private Limited is the lead manager, with KfinTechnologies Limited serving as the registrar. Citichem's leadership highlighted their dedication to quality and expansion, with aspirations to enhance infrastructure to meet increasing demand. The IPO proceeds will significantly propel the company's growth initiatives in various sectors.

(With inputs from agencies.)