Corrugated Triumph: Phytochem Remedies' Rs 38.2 Crore IPO

Phytochem Remedies (India) Ltd is launching a Rs 38.2 crore IPO, opening December 18. The funds will help purchase equipment, repay debt, and more. The company, based in Jammu, specializes in corrugated boxes for industries like food and pharmaceuticals. Shares will list on BSE SME.

Phytochem Remedies (India) Ltd, a leading name in the manufacture of corrugated boxes and boards, has announced the launch of its Rs 38.2 crore initial public offering (IPO). Scheduled to open on December 18 and close on December 22, the IPO is a fresh issue of 39 lakh equity shares priced at Rs 98 each, aggregating to Rs 38.22 crore.

The proceeds from the IPO will be strategically allocated to fund capital expenditure for acquiring new machinery and civil construction, facilitate debt repayment, and cater to general corporate motives. The company, founded in 2002, serves a diverse range of industries including food & beverages, FMCG, pesticides, pharmaceuticals, and automotive from its manufacturing base in Bari Brahmana, Jammu.

Phytochem Remedies offers a variety of products like 3-ply, 5-ply, and 7-ply corrugated boxes, printed boxes, rolls, pads, and sheets. For FY25, the company reported revenues of Rs 36.53 crore and a profit after tax of Rs 4.47 crore. With Mefcom Capital Markets Ltd as the lead manager, the company's shares are set to make their market debut on the BSE SME.

(With inputs from agencies.)