Phychem Technologies IPO
Phychem Technologies IPO is an SME IPO raising ₹15 Cr at ₹51 – ₹54 a share. It listed on 7 Sept 2026 at ₹56, +3.7% against its issue price of ₹54, and trades at ₹44 today (−18.7% since issue). It was subscribed 19× in total.
19.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs54 + OFS by subtraction from exchange total Rs15 Cr. Checked: exchange issue size Rs15 Cr vs derived Rs15 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “There are no listed companies in India that are engaged in a business similar to that of our company, accordingly it is not possible to provide an industry comparison in relation to our company. Also stated: 'There are no listed companies in India that is engaged in only in the business of manufacturing of rotational molding (roto molding) compounds. Accordingly, it is not possible to provide a comparison of key performance indicators of industry with our Company.'”
derived: cut-off price Rs54 / stated EPS Rs5.42 (FY2025-26 Basic & Diluted EPS, restated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.