Live Status
Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 2)20.8× overall
NII / HNI
42.4×
Retail
20.8×
QIB
4.3×
Overall
20.8×
Grey Market PremiumUnofficial
₹1▲ +2%
Est. listing price ≈ ₹55 on issue price of ₹54
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 7,62,000 shares (~₹4.11 Cr) on Aug 28, with 30- and 90-day lock-ins.
Last updated: Subscription: Sep 2 (final) · GMP: Sep 4, 8:10 AM IST
Issue Details
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Aug 31
Opens
Sep 2
Closes
Sep 3
Allotment
Sep 4
Refund/Demat
Sep 7
Listing
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹14 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹55.30 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Hem Securities |
| Registrar | MUFG Intime India |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 47.59 | 51.11 | 57.48 | +12% |
| EBITDA | 2.76 | 4.37 | 6.09 | +39% |
| PAT | 1.69 | 2.84 | 4.09 | +44% |
| PAT Margin | 3.6% | 5.6% | 7.1% | — |
Post-issue EPS
₹3.99
P/E
≈13.5x
ROE
34.82%
Audited figures from the RHP. FY26 = year ended Mar 31, 2026. ROE shown; RoNW ~29.7%.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Phychem Technologies | 13.5x | 34.82% | 7.1% |
No clean listed rotomoulding-compounds peer surfaced in our sources. On its own Phychem is reasonably priced (~13.5x) with a strong ROE (~35%). Add RHP 'Basis for Issue Price' comparables before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Umakant Savadekar & 3 co-promoters (Savadekar family) |
| Pre-issue | 98.55% |
| Post-issue | 72.56% |
| Objects of Issue | |
|---|---|
| Capital expenditure (plant & machinery) | ₹5.15 Cr |
| Repayment of borrowings | ₹2.50 Cr |
100% fresh issue — no OFS; proceeds fund plant & machinery (₹5.15 Cr) and debt repayment (₹2.50 Cr).
The Balanced View
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Consistent growth — revenue +12% and PAT +44% in FY26.
- High ROE (~34.8%) with low leverage (debt/equity 0.43).
- Reasonable valuation — ~13.5x post-issue P/E.
- Solid demand — book subscribed 20.79x (NII 42x, retail 21x).
- Niche rotomoulding-compounds maker exporting across Asia, Africa, Europe and the Middle East.
Risks
- Nil grey-market premium (~₹1) despite 20.79x subscription — little implied listing pop.
- Very small issue (₹15 Cr) and micro-cap — thin post-listing liquidity and high volatility.
- High minimum ticket (~₹2.16 lakh) limits retail participation.
- Modest scale (₹57 Cr revenue, ~33 employees) with commodity-linked polyethylene input costs.
- SME risks; promoter holding remains high post-issue (72.56%).
Post-Listing Review
Did the signal hold up? Updates after Sep 7
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Neutral