NewsPhychem Technologies IPO Day 2 Live: Total at 1.96x, Retail surges 120% - Check analysts view and morePhychem Technologies IPO Day 2 Live: Total at 1.96x, Retail surges 120% - Check analysts view and more
- Phychem Technologies IPO subscription reached 1.96x on Day 2.
- Retail category surged 120% intra-day to close at 1.32x.
- NII (bHNI) jumped 113.8% to 1.24x, showing strong individual investor interest.
- QIB remains fully subscribed at 3.53x throughout the day.
- The issue closes on 02-09-2026 with listing scheduled for 07-09-2026.
*this image is generated using AI for illustrative purposes only.
Phychem Technologies IPO closed with an overall subscription of 19.26x. The issue witnessed a dramatic late-day surge, with Non-Institutional Investors (bHNI) jumping 1379.2% and Retail investors rising 679.1% in the final hours. Qualified Institutional Buyers (QIB) also ticked up to 4.31x.
Final Subscription Status
The IPO opened on August 31, 2026, and closed on September 2, 2026. Below is the day-wise subscription progression:
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 31-08-2026 | 3.53x | 0.24x | 0.62x | 0.13x | 1.17x |
| Day 2 | 01-09-2026 | 3.53x | 1.24x | 1.47x | 1.32x | 1.96x |
| Day 3 | 02-09-2026 | 4.31x | 25.59x | 50.26x | 17.92x | 19.26x |
Intra-day Timeline (Day 3)
Momentum picked up sharply in the final session. Here is the hourly pace on September 2, 2026:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 3.53x | 1.73x | 2.30x | 2.62x |
| 12:15 | 3.53x | 2.33x | 2.94x | 3.13x |
| 13:15 | 3.53x | 3.29x | 3.80x | 3.80x |
| 14:15 | 3.53x | 5.32x | 5.23x | 5.45x |
| 15:15 | 3.53x | 14.36x | 10.24x | 10.94x |
| 16:15 | 4.31x | 25.59x | 17.92x | 19.26x |
| 17:15 | 4.31x | 25.59x | 17.92x | 19.26x |
Category-wise Breakdown
- QIB: Subscribed 4.31 times, showing a +22.1% jump from the day-open figure.
- NII (bHNI): Subscribed 25.59 times by end of Day 3, leading the surge with a massive 1379.2% increase.
- NII (sHNI): Subscribed 50.26 times.
- Retail: Subscribed 17.92 times, picking up pace in the final hours with a 679.1% jump.
About the Company
Phychem Technologies Limited is engaged in manufacturing rotational molding compounds, which serve as key raw materials for producing hollow plastic products. Founded in 2013, the company supplies customized polyethylene-based compounds to industries including building and construction, water management, agriculture, automotive, and consumer products. The company is led by MD Umakant Nivrutti Savadekar and CFO Ulka Umakant Savadekar.
Financial Highlights
The company has shown consistent revenue growth over the last three years. Key standalone financials are as follows:
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 46.97 | 50.30 | 56.47 |
| Total Profit/PAT (₹ crores) | 1.69 | 2.84 | 4.09 |
| Total Equity (₹ crores) | 6.86 | 9.70 | 13.79 |
Revenue grew from ₹46.97 crores in FY 2024 to ₹56.47 crores in FY 2026. Total profit increased from ₹1.69 crores to ₹4.09 crores in the same period.
Objects of the Issue
The net proceeds from the IPO will be utilized for the following purposes:
- Repayment in full or in part, of certain outstanding borrowings: ₹2.50 crores
- Funding the capital expenditure towards procurement of plant and machinery: ₹5.15 crores
- Funding to meet working capital requirements: ₹3.00 crores
- General Corporate Purpose: Amount not specified in lakhs
Risk Factors
- Dependence on Manufacturing Facility: The company operates from a single facility in Nashik, making it vulnerable to operational disruptions.
- Customer Concentration: Top 10 customers contribute approximately 50-53% of revenue, with no long-term agreements in place.
- Supplier Concentration: A single largest supplier contributes over 60% of purchases, exposing the company to supply disruptions.
What's Next
- Allotment Date: September 3, 2026
- Listing Date: September 7, 2026
- Basis of Allotment: Pro-rata basis as per SEBI regulations for oversubscribed issues.
Will the aggressive late-day retail bidding sustain through the final day of subscription, or is there a risk of profit-booking before allotment?
How might Phychem Technologies' heavy reliance on a single supplier for over 60% of purchases impact its margin stability post-IPO?
Given the high customer concentration with top clients contributing over 50% of revenue, what strategies does management have to diversify its client base?
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