Phychem Technologies IPO Day 1: Subscription status, review — here's what you need to know
- Phychem Technologies IPO opened on August 31, 2026, with a total subscription of 1.17x by 13:15 IST.
- QIB category led demand at 3.53x, while Retail jumped 85.7% to 0.13x.
- NII (bHNI) subscription increased to 0.62x from 0.20x earlier in the day.
- The issue is priced between ₹51 and ₹54 per share.
- The IPO closes for subscription on September 2, 2026.
*this image is generated using AI for illustrative purposes only.
Phychem Technologies IPO opened for subscription today, August 31, 2026. By 13:15 IST, the issue recorded a total subscription of 1.17x. Qualified Institutional Buyers (QIBs) led the demand with a 3.53x subscription, while retail participation jumped 85.7% to 0.13x.
Subscription Status
The QIB category dominated early interest, accounting for the majority of the oversubscription. Non-Institutional Buyers (NII) showed mixed activity, with bHNI ticking up to 0.62x and sHNI at 0.24x. Retail investors picked up pace after 12:15 IST.
| Category | Subscription Multiple |
|---|---|
| QIB | 3.53 x |
| NII (bHNI) | 0.62 x |
| NII (sHNI) | 0.24 x |
| Retail | 0.13 x |
| Total | 1.17 x |
Intra-day Timeline
Subscription data as of 13:15 IST on August 31, 2026:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 12:15 | 3.53x | 0.20x | 0.07x | 1.09x |
| 13:15 | 3.53x | 0.24x | 0.13x | 1.17x |
About the Company
Phychem Technologies Limited manufactures rotational molding compounds, key raw materials for hollow plastic products. Founded in 2013, the company supplies customized polyethylene-based compounds to industries including construction, water management, agriculture, and automotive. Promoter Umakant Nivrutti Savadekar leads the management team.
Financial Highlights
The company has shown consistent revenue growth over the last three years. Profit after tax (PAT) also expanded from ₹1.69 crore in FY24 to ₹4.09 crore in FY26.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue (₹ crores) | 46.97 | 50.30 | 56.47 |
| PAT (₹ crores) | 1.69 | 2.84 | 4.09 |
| Total Equity (₹ crores) | 6.86 | 9.70 | 13.79 |
Objects of the Issue
- Repayment of outstanding borrowings: ₹2.50 crores
- Procurement of plant and machinery: ₹5.15 crores
- Working capital requirements: ₹3.00 crores
- General Corporate Purpose: Amount not specified
Risk Factors
- Dependence on a single manufacturing facility in Nashik poses operational risks.
- High customer concentration, with top 10 clients contributing ~50-53% of revenue.
- Reliance on a single largest supplier for over 60% of purchases creates supply vulnerability.
Offer Details
- Price Band: ₹51 - ₹54
- Issue Size: ₹204,000 - ₹500,000 lakhs
- Min Bid Qty: 4000 shares
- Open Date: 2026-08-31
- Close Date: 2026-09-02
Will the strong QIB subscription of 3.53x sustain through the closing date on September 2, or is there a risk of institutional pullback?
How might the company's heavy reliance on a single manufacturing facility in Nashik impact its ability to scale production post-IPO?
Given that the top 10 clients contribute over 50% of revenue, how vulnerable is Phychem Technologies to potential churn among these key accounts?
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