PNN
Mumbai (Maharashtra) [India], December 24: Citichem India Limited specializes in the procurement, supply, and distribution of organic and inorganic chemicals, bulk drugs, and food chemicals, proposes to open its Initial Public Offering (IPO) on December 27, 2024. The company aims to raise Rs 12.60 crore through the fresh issue of 18,00,000 equity shares, which will be listed on the BSE SME platform.
The issue size is 18,00,000 equity shares at a face value of Rs10 each with a price of Rs 70 Per Share.
Equity Share Allocation
* Non-Institutional Investors - 8,54,000 Equity Shares
* Retail Individual Investors - 8,54,000 Equity Shares
* Market Maker - 92,000 Equity Shares
The net proceeds from the IPO will be utilized for capital expenditure for acquisition of property, purchasing of transportation vehicles & accessories, general corporate purposes, and issue expenses. the issue for public bidding will open on December 27, 2024 and will close on December 31, 2024.
The Lead Manager to the Issue is Horizon Management Private Limited, The Registrar to the Issue is KfinTechnologies Limited.
Arif Esmail Merchant, Promoter & Managing Director, of Citichem India Limited expressed, "Our journey of over 25 years in the chemicals and pharmaceutical supply chain has been defined by a commitment to quality, reliability, and customer-centric solutions. By leveraging our expertise in sourcing, procurement, and logistics, we have built a reputation for delivering excellence across a wide range of industries, including pharmaceuticals, food, adhesives, and more.
To address the growing demand and diversify our product portfolio, we are taking strategic steps to enhance our infrastructure, including acquiring property, strengthening our transportation capabilities, and expanding our distribution network. These measures will not only support our current operations but also enable us to meet future challenges with agility and resilience."
Narendra Bajaj, Managing Director of Horizon Management Private Limited said, "We are delighted to support a company that has demonstrated consistent growth and a strong commitment to quality in the chemicals and pharmaceutical supply chain sector. With a significant track record of over 25 years, the company has successfully catered to diverse industries.
The funds raised through this IPO will play an instrumental role in fueling the company's growth strategy. By enabling the acquisition of new property, investment in transportation vehicles and accessories, the IPO proceeds will provide the necessary financial support to enhance operational efficiency,expand distribution capabilities, and cater to the rising demand from existing and new customers. This capital infusion will support the company to achieve its long-term objectives."
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