The Initial Public Offering (IPO) of Phytochem Remedies Ltd is set to close today, December 22, 2025, with a subscription rate of 0.23x recorded so far. The IPO, which opened on December 18, 2025, aims to raise ₹38.22 crore through the issuance of 3,900,000 equity shares with a face value of ₹10 each at a fixed price of ₹98 per share.
Subscription Status and GMP
On its first day, the IPO was subscribed 0.08x. By the second day, the subscription rate had increased to 0.23x. The Grey Market Premium (GMP) for Phytochem Remedies IPO is currently ₹0, which indicates that the estimated listing price could be ₹98 per share, reflecting a neutral expectation.
IPO Details
Phytochem Remedies' IPO is a fixed price issue, with the aim of listing on the BSE SME platform on December 26, 2025. The minimum order quantity is 1,200 shares, requiring a minimum investment of ₹2,35,200 for retail investors. For High Net Worth Individuals (HNIs), the minimum investment is for 3 lots (3,600 shares), amounting to ₹3,52,800.
Mefcom Capital Markets Ltd is the book running lead manager, and Bigshare Services Pvt. Ltd. is the registrar for the issue. Aftertrade Broking Pvt. Ltd. is the market maker for the IPO.
Company Overview
Incorporated in 2002, Phytochem Remedies is involved in the manufacturing and marketing of corrugated boxes and other packaging-related solutions. The company's products include corrugated boxes (3-Ply, 5-Ply, & 7-Ply), printed corrugated boxes, corrugated rolls, and corrugated pads and sheets. These products cater to industries such as food & beverages, FMCG, pesticides, pharmaceuticals, and automotive. The company has two manufacturing units located in Bari Brahmana, Jammu.
Financial Performance
Phytochem Remedies has demonstrated revenue growth, with revenue increasing by 12% from ₹32.90 crores in March 2024 to ₹36.81 crores in March 2025. The company's Profit After Tax (PAT) increased significantly by 94% from ₹2.31 crores in March 2024 to ₹4.48 crores in March 2025. For the half-year ended September 30, 2025, the company reported a net profit of ₹3.75 crores on a total revenue of ₹25.01 crores.
Investment Considerations
The IPO is priced at a P/E ratio of 6.90, which is below the industry average, with a Return on Net Worth (RoNW) of 34%. However, investors should note that the minimum retail application requires a substantial capital outlay.
Expert Opinion
Some analyses suggest that the IPO may suit long-term, risk-aware investors, but that listing gains may be limited. One analysis recommends investors to avoid the IPO, citing risks of listing at a discount and only average financials.
Allotment and Listing
The allotment for the Phytochem Remedies IPO is expected to be finalized on December 23, 2025. The shares are proposed to be listed on BSE SME with a tentative listing date of December 26, 2025.
