Phytochem Remedies withdraws ₹38cr IPO after weak investor interest
Phytochem Remedies, based in Jammu, has called off its ₹38.22 crore IPO on the BSE SME platform after it received only 62% subscription—797 applications came in for 23.1 lakh shares at ₹98 each.
The IPO ran from December 20 to 22 but didn't attract enough demand, with shares trading flat in the gray market.
What does Phytochem Remedies do?
The company makes corrugated boxes and boards used by FMCG, food and beverage, pharma, pesticide, and auto companies.
With two units in Bari Brahmana and a team of 51 as of September 2025, it posted FY25 revenue up 12% YoY and a profit after tax of ₹4.48 crore.
Why was the IPO withdrawn?
Funds from the IPO were planned for new machinery, construction, debt repayment, and general corporate purposes.
Chairman Niranjan Surana said market volatility was behind the decision to withdraw, citing unfavorable market conditions and volatility in the capital markets impacting overall investor sentiment.