New Delhi, July 14(HS): chemkart India, a manufacturer of health supplements, vitamins, and protein products, had a successful IPO, entering the stock market at ₹250, just above its issue price of ₹248, reflecting a premium of less than one percent. After initial trading, the share price surged to close at ₹259, yielding a 4.44 percent gain for IPO investors on the first day.

The IPO, which raised ₹80.08 crore, was open for subscription from July 7 to 9 and saw an impressive overall subscription rate of 5.91 times. The QIB portion was subscribed 13.69 times, while the NII and retail segments had subscription rates of 5.64 times and 1.63 times, respectively.

A total of 64.48 crore new shares were issued, and an additional 6,29,200 shares were sold via the offer for sale window. The IPO proceeds will finance a new manufacturing facility, settle existing debts, and cater to general corporate needs. Financial projections show consistent growth, with a net profit expected to rise from ₹7.66 crore in 2022-23 to ₹14.52 crore in 2023-24 and ₹24.26 crore in 2024-25, alongside a revenue CAGR exceeding 24 percent.

Hindusthan Samachar / Jun Sarkar