Mumbai: Jammu-based packaging company Phytochem Remedies (India) has opened its IPO for subscription today, 18 December 2025. The company is planning to list on the BSE SME platform. Currently, the grey market premium (GMP) is zero, indicating that investors are adopting a cautious approach toward the stock.
IPO Details
Phytochem Remedies is issuing 39 lakh shares as a fresh issue at a fixed price of ₹98 per share, aiming to raise ₹38.22 crore. Applications for subscription opened today and will close on 22 December 2025. The company is expected to get listed on the BSE SME platform on 26 December 2025.
Grey Market Sentiment
In the informal grey market, the stock is trading at a premium equal to the issue price, reflecting expectations of a flat listing. Experts say the lack of premium indicates investor caution, especially toward SME IPOs, due to stricter regulations and selective investor interest.
Investment Requirement for Retail Investors
For retail investors, the minimum investment is ₹2.35 lakh, as they need to subscribe to at least 2,400 shares. Around 47.5% of the issue is allocated to non-institutional and retail investors, while 5% is reserved for market makers and after-market trading brokers.
Business Overview
Phytochem Remedies manufactures cardboard boxes and boards used in FMCG, food and beverages, pharmaceuticals, pesticides, and automobile sectors. The company operates two manufacturing units in Bari Brahmana, Jammu, and employed 51 people as of September 2025.
Financial Performance
The company has shown significant improvement in profitability over the last two years. For FY25, revenue increased by 12%, and profit after tax nearly doubled to ₹4.48 crore. In the first half of FY26, the company reported a profit of ₹3.75 crore. Funds raised through the IPO will primarily be used for capital expenditure on machinery and civil construction, repayment of certain debts, and other general corporate purposes.
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