Citichem India IPO opens for subscription with plans to raise Rs 13 crore

Citichem India's SME IPO opened for subscription today and will close on December 31. The company aims to raise Rs 13 crore by offering 18 lakh shares at Rs 70 each on the BSE SME platform. In the unlisted market, Citichem's shares are trading at a premium of Rs 30, indicating a 43% increase over the issue price. The proceeds will fund capital expenditures and general corporate purposes. The IPO allocates 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. Final allotment is expected on January 1, with shares likely listed on January 3.