Citichem India shares to debut today. Check GMP ahead of listing
BSE SME platform on Friday. Ahead of the listing, the company's shares were trading with a GMP of Rs 15 in the grey market.
Considering the upper price band of Rs 70, the stock is expected to list with a premium of 21% over the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The net proceeds from the public offer will be used for funding capital expenditure for acquisition of property, purchase of transportation vehicles and general corporate purposes.
The Rs 12 crore IPO of Citichem India, which was completely a fresh equity sale of 18 lakh shares, received robust response from investors with an overall subscription of 414 times at close.
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