The initial public offer (IPO) of Shivam Chemical received bids for 43,77,000 shares as against 45,87,000 shares on offer, as per BSE data as of 17:00 hours on Tuesday, (23 April 2024). The issue was subscribed 0.95 times.
The issue opened for bidding on Tuesday, (23 April 2024) and it will close on Thursday, (25 April 2024). The price of the IPO is fixed at Rs 44 per share. The minimum order quantity is 3,000 equity shares. The equity shares will list on BSE?s SME platform.
The IPO comprises fresh issue of 45,87,000 equity shares. The promoter and promoter group shareholding will dilute to 73% from 100% Pre-IPO.
About 2,31,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 43,56,000 equity shares. The issue and the net issue will constitute 27.00 % and 25.64% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds to funding working capital requirements of the company, investment in subsidiary company, Shivam Chemicals & Minerals for financing the augmentation of its working capital capabilities and general corporate purposes.
Shivam Chemicals is a manufacturer of Hydrated Lime (Calcium Hydroxide) and a distributor of various animal feed products, including Poultry Feed Supplement (MBM), Di-Calcium Phosphate (Feed Grade), Magnesium Oxide, and Limestone Powder. They have built a strong network of distributors across India, supplying over 2.5 lakh metric tons of products to well-renowned manufacturers. As on 31 December 2023 the company has 25 employees.
The company recorded revenue from operations of Rs 106.93 crore and net profit of Rs 0.70 crore for the period as on 31 December 2023.
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