Neochem Bio SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹2 | +2.04% | ₹1,800 | ₹100 | ₹2,400 |
| 07 Dec 2025 | ₹10 | +10.20% | ₹9,100 | ₹108 | ₹12,000 |
| 06 Dec 2025 | ₹10 | +10.20% | ₹9,100 | ₹108 | ₹12,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 09 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹98 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹44.97 Cr
- Market cap at offer price
- ₹168 Cr
- Promoter holding
- 91.12% → 66.70% pre-issue → post-issue
- ISIN
- INE21UM01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- 303, W1, Opp.Vikramnagar Colony, Off.Iscon-Ambli Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,03,200 | — | — |
| Market maker | 2,32,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹98
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,17,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,35,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,40,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,58,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹98 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.18 | 6.41 |
| P/E (×) | 15.86 | 15.29 |
| Price to book (×) | 5.80 | — |
| Market cap | — | ₹168 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 48.82%
- ROCE
- 41.67%
- Debt / equity
- 1.80
- PAT margin
- 9.00%
- EBITDA margin
- 15.58%
- NAV per share
- ₹16.91
- Price to book
- 5.80
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Neochem Bio SME
Neochem Bio Solutions Limited (formerly Neochem Technologies Private Limited and Neochem Bio Solutions Private Limited), headquartered in Ahmedabad, Gujarat, traces its origins to the partnership firm 'M/s Vinayak Dyes & Chemical Industries' formed under the Indian Partnership Act, 1932 pursuant to a Deed of Partnership dated March 6, 1978; the firm became 'Neochem Technologies' in 2006, was converted into a private limited company on June 6, 2017, renamed Neochem Bio Solutions Private Limited in March 2025, and converted into a public limited company in April 2025. The Company is engaged in manufacturing specialty performance chemicals with a diverse portfolio of over 350 customized formulations across four primary product segments — (i) Polymers, (ii) Surfactants, (iii) Silicones, and (iv) Esters & bio-based sustainable solutions — produced at its sole manufacturing facility in Moraiya, Ahmedabad with an installed capacity of 22,000 MT (capacity utilisation of 41.82% in Fiscal 2025); it holds ISO 9001:2015, ISO 14001 and ISO 45001 accreditations and product certifications including ZDHC Level 3 and GOTS 7.0. The Company earns revenue by selling these chemicals on a business-to-business basis, primarily through short-term purchase orders fulfilled via a pan-India network of over 50 distributors and a reselling agent (Neochem Specialties); approximately 91.39% of Fiscal 2025 revenue from operations came from domestic sales and 8.61% from exports, with the textile industry alone contributing approximately 85.92% of revenue from operations in Fiscal 2025. For Fiscal 2025, the Company reported revenue from operations of ₹8,417.27 lakhs, total income of ₹8,615.35 lakhs, EBITDA of ₹1,311.29 lakhs and profit after tax of ₹775.07 lakhs.
Company Analysis
from DRHPNeochem Bio Solutions Limited is an Ahmedabad-based manufacturer of specialty performance chemicals offering over 350 customized formulations across four product segments — Polymers, Surfactants, Silicones, and Esters & bio-based sustainable solutions — serving industries spanning textile & garment washing, home & personal care, institutional and industrial cleaners, water treatment, paints and coatings, paper and pulp, construction, rubber, and dyes and pigments.
Neochem Bio Solutions Limited (formerly Neochem Technologies Private Limited and Neochem Bio Solutions Private Limited), headquartered in Ahmedabad, Gujarat, traces its origins to the partnership firm 'M/s Vinayak Dyes & Chemical Industries' formed under the Indian Partnership Act, 1932 pursuant to a Deed of Partnership dated March 6, 1978; the firm became 'Neochem Technologies' in 2006, was converted into a private limited company on June 6, 2017, renamed Neochem Bio Solutions Private Limited in March 2025, and converted into a public limited company in April 2025. The Company is engaged in manufacturing specialty performance chemicals with a diverse portfolio of over 350 customized formulations across four primary product segments — (i) Polymers, (ii) Surfactants, (iii) Silicones, and (iv) Esters & bio-based sustainable solutions — produced at its sole manufacturing facility in Moraiya, Ahmedabad with an installed capacity of 22,000 MT (capacity utilisation of 41.82% in Fiscal 2025); it holds ISO 9001:2015, ISO 14001 and ISO 45001 accreditations and product certifications including ZDHC Level 3 and GOTS 7.0. The Company earns revenue by selling these chemicals on a business-to-business basis, primarily through short-term purchase orders fulfilled via a pan-India network of over 50 distributors and a reselling agent (Neochem Specialties); approximately 91.39% of Fiscal 2025 revenue from operations came from domestic sales and 8.61% from exports, with the textile industry alone contributing approximately 85.92% of revenue from operations in Fiscal 2025. For Fiscal 2025, the Company reported revenue from operations of ₹8,417.27 lakhs, total income of ₹8,615.35 lakhs, EBITDA of ₹1,311.29 lakhs and profit after tax of ₹775.07 lakhs.
Objects of the Issue
- Funding the long-term working capital requirements of the Company ₹2,390.00 lakhs (₹990.00 lakhs in Fiscal 2026 and ₹1,400.00 lakhs in Fiscal 2027) p.104
- Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹1,000.00 lakhs p.108
- General Corporate Purposes [●] (capped at the lower of 15% of the Gross Proceeds from the Issue or ₹1,000.00 lakhs) p.111
Issue Structure
- Total Issue
- Up to 47,50,000 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] lakhs
- Fresh Issue
- Up to 47,50,000 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] lakhs (the entire Issue constitutes a Fresh Issue)
- Offer for Sale
- NIL
- Face Value
- ₹10/- each
Business Model
Manufactures and sells customized specialty performance chemicals on a B2B model, generating revenue mainly through short-term purchase orders from customers served by a pan-India distribution network of over 50 distributors (as of March 31, 2025) and a reselling agent, Neochem Specialties; sales are predominantly domestic (Domestic: 91.39%; Export: 8.61% of revenue from operations in Fiscal 2025), and the textile industry contributed approximately 85.92% of revenue from operations in Fiscal 2025.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Swapnil Rameshbhai Makati | Promoter | 74.54% | — |
| Hemangini Swapnil Dathia | Promoter | 8.62% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.