Neochem Bio IPO – SME Issue
Neochem Bio Ltd. is launching a book-built SME IPO of Rs. 44.97 crore, comprising an entirely fresh issue of 46 lakh equity shares. The IPO opens on December 2, 2025 and closes on December 4, 2025, with allotment scheduled for December 5, 2025 and a tentative listing date of December 9, 2025 on NSE SME. The price band is Rs. 93 to Rs. 98, and the lot size is 1,200 shares. As per SME norms and Chanakya rules, the minimum retail application is 2 lots (2,400 shares) requiring Rs. 2,35,200, while HNI investors must apply for 3 lots (3,600 shares) amounting to Rs. 3,52,800.
Lead Manager: Vivro Financial Services Pvt. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Market Maker: Rikhav Securities Ltd.
| Final Subscription Tally Size Rs.44.97 Crore (Closed on 4 Dece. 2025) |
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| QIB | NII x | RII x | Total x | Applications |
| 21.97 | 21.15 | 9.42 | 15.52 | 7,646 |
| Subscription Review: |
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🕗 Last Update: 9 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 2, 2025 |
| IPO Close Date | December 4, 2025 |
| Allotment Date | December 5, 2025 |
| Refunds Initiation | December 8, 2025 |
| Credit to Demat | December 8, 2025 |
| Listing Date | December 9, 2025 |
| UPI Mandate Cut-off | 5 PM, December 4, 2025 |
Final Subscription Status (To be updated)
Size: Rs. [.] crore (Closes 4 December 2025)
QIB – x | NII – x | RII – x | Total – x
Applications – [.]
Subscription Review:
(To be updated on closing day)
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 93 to Rs. 98 per share |
| Lot Size | 1200 Shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 45,88,800 shares (Rs. 44.97 crore) |
| Market Maker Portion | 2,32,800 shares – Rikhav Securities Ltd. |
| Net Offer to Public | 43,56,000 shares (Rs. 42.69 crore) |
| Issue Type | Book-Build Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,25,31,953 shares |
| Shareholding Post-Issue | 1,71,20,753 shares |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of Net Issue |
| Retail | Not less than 35% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
Application Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | Rs.2,35,200 |
| Individual investors (Retail) (Max) | 2 | 2,400 | Rs.2,35,200 |
| S-HNI (Min) | 3 | 3,600 | Rs.3,52,800 |
| S-HNI (Max) | 8 | 9,600 | Rs.9,40,800 |
| B-HNI (Min) | 9 | 10,800 | Rs.10,58,400 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 91.12% |
| Promoter Holding Post-Issue | To be updated |
Promoters: Swapnil Rameshbhai Makati and Hemangini Swapnil Dathia.
About Neochem Bio Solutions Ltd.
Incorporated in 2006, Neochem Bio Solutions Ltd. is engaged in the manufacturing of specialty performance chemicals.
Its products find applications across:
• Textile & garment washing
• Home & personal care (HPC)
• Institutional & industrial cleaners
• Water treatment
• Paints & coatings
• Paper & pulp
• Construction
• Rubber
• Dyes & pigments
Neochem offers a full range of textile and garment auxiliaries including pre-treatment, dyeing, finishing, printing and coating chemicals.
Manufacturing Facility:
• Location: Saket Industrial Estate, Moraiya, Sanand, Ahmedabad
• Capacity: 22,000 MTPA
• Plant Area: 6,763 sq. meters
Competitive Strengths
• Strong presence across multiple end-use industries
• Focus on innovation and sustainable performance chemistries
• Expanding geographical footprint
• Ability to leverage existing collaborations for diversifying applications
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 96.49 | 78.89 | 64.06 | 50.60 |
| Total Income | 47.18 | 86.15 | 62.01 | 48.79 |
| Profit After Tax | 5.48 | 7.75 | 1.80 | 1.07 |
| EBITDA | 8.59 | 13.11 | 5.99 | 4.23 |
| Net Worth | 32.24 | 19.75 | 12.00 | 8.05 |
| Reserves | 19.70 | 13.08 | 5.33 | 2.63 |
| Total Borrowings | 38.54 | 35.62 | 33.32 | 26.24 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 48.82% |
| ROCE | 41.67% |
| Debt/Equity | 1.80 |
| RoNW | 48.82% |
| PAT Margin | 9.00% |
| EBITDA Margin | 15.58% |
| EPS (Pre-Issue) | Rs. 6.18 |
| EPS (Post-Issue) | To be updated |
Objects of the Issue
| S.No. | Purpose | Amount (Rs. crore) |
|---|---|---|
| 1 | Long-term working capital | 23.90 |
| 2 | Repayment / prepayment of borrowings | 10.00 |
| 3 | General corporate purposes | – |
Company Contact
Neochem Bio Solutions Ltd.
303, W1, Opp. Vikramnagar Colony,
Off Iscon–Ambli Road, Ahmedabad – 380058
📞 +91 079 35217792
✉ compliance@neochem.in
🌐 www.neochem.in
Lead Manager
Vivro Financial Services Pvt. Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ neochem.smeipo@in.mpms.mufg.com
🌐 https://linkintime.co.in/Initial_Offer/public-issues.html
Neochem Bio IPO – Chanakya Review (7/8 Lines)
Neochem Bio Solutions operates in the fast-growing specialty performance chemicals segment with diversified applications across textiles, home & personal care, industrial cleaners, water treatment, paints, dyes and construction. FY25 showed strong growth momentum with income rising to Rs. 86.15 crore and PAT improving to Rs. 7.75 crore, supported by better margins (EBITDA 15.58%). Return ratios remain impressive with ROE at 48.82% and ROCE at 41.67%, though the balance sheet reflects moderately high leverage (Debt/Equity 1.80). The company’s 22,000 MTPA plant and wide B2B presence position it well for scalability. Valuation based on pre-issue EPS (Rs. 6.18) appears reasonable within SME chemical peers. Objects of the issue—working capital and debt repayment—may strengthen liquidity and reduce finance cost. Overall, Neochem Bio IPO looks moderately attractive for long-term investors, with listing gains dependent on subscription from QIB and NII segments.
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This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
