Neochem Bio SME IPO. is set to enter the market with a ₹44.97-crore book-built issue, carrying a face value of ₹10 per share. The structure features a complete fresh issue and excludes an OFS component. Investors can subscribe to the IPO from 2 December 2025 to 4 December 2025, after which the company aims to list its shares on the NSE SME platform.
The price band is fixed between ₹93 and ₹98, and retail investors can place bids in lots of 1,200 shares, translating to a minimum outlay of ₹1,17,600. As per SME norms, the distribution sets aside 50% for QIB bidders, 15% for NIIs, and 35% for the retail applicants.
Let’s look at more Neochem Bio IPO details in this blog.
Neochem Bio IPO Details
The following summary brings together all significant aspects of the Neochem Bio IPO analysis including the Neochem Bio IPO share price.
| IPO opening date | December 02, 2025 |
| IPO closing date | December 04, 2025 |
| Face value | ₹10 per equity share |
| Price band | ₹93 to ₹98 each share |
| Issue price | Undisclosed |
| IPO lot size | 1,200 shares |
| Sale type | Fresh capital |
| Fresh issue | 45,88,800 shares(summing up to ₹44.97Cr) |
| Offer for sale | Not applicable |
| Issue type | Bookbuilding IPO |
| Listing at | BSE along with NSE |
| Total issue size | 45,88,800 shares(summing up to ₹44.97Cr) |
| Reserved for market marker | 2,32,800 shares (aggregate of up to ₹2.28Cr) |
| Minimum investment | 2,400 shares (totalling up to ₹2,35,200) |
| Retail discount | NA |
Neochem Bio IPO Timeline
The following section outlines the full event timeline for the Neochem Bio IPO details in India.
| IPO open date | 02 December 2025 |
| IPO close date | 04 December 2025 |
| Provisional allotment | 05 December 2025 |
| Refund processing | 08 December 2025 |
| Transfer of shares into demat | 08 December 2025 |
| IPO listing | 09 December 2025 |
| Discontinuation date for UPI request validation | 04 December, 2025 (5 PM) |
Neochem Bio Grey Market Premium (GMP Today)
As of November 27, 2025, the Neochem Bio IPO GMP today is ₹15. With the issue’s price band set at ₹98.00, the listing price is estimated at ₹113 after factoring in today’s GMP. The expected gain/loss per share stands at 15.31%.
| Date | GMP (₹) | Estimated listing price (at ₹ | Estimated listing gain | Trend |
| 27-Nov-2025 | 15 | 113 | 15.31% | 🔼Peak |
| 26-Nov-2025 | 10 | 108 | 10.20% | 🔼Gain |
Note: As GMP numbers are unofficial and volatile, it’s important to verify it using credible financial references.
Neochem Bio IPO Reservation
Here is the full allocation distribution for every investor segment.
| Investor category | Shares offered |
| Qualified institutional buyers (QIB) | Shall not exceed 50.00% of the net offer allocation |
| NII (HNI) shares offered | Not less than 15.00% of the Net Offer |
| Retail shares offered (RII) | Not less than 35.00% of the Net Offer |
Neochem Bio IPO Core Performance Indicators
The table below presents Neochem Bio’s key operational and financial indicators. Among these parameters is the price to book, etc.
| Indicator | FY23 | FY24 | FY25 |
| EPS (Basic) (₹) | 2.03 | 1.90 | 6.64 |
| RoNW (%) | 18.07% | 17.97% | 48.82% |
| NAV per share (₹) | 8.48 | 10.27 | 16.91 |
| Debt to equity ratio | 3.26 | 2.78 | 1.80 |
| PAT Margin (%) | 2.20% | 2.91% | 9.00% |
| EBITDA (in ₹ lakhs) | 422.84 | 599.01 | 1,311.29 |
| RoCE (%) | 17.46% | 21.46% | 41.67% |
Neochem Bio IPO Financials
The following table outlines Neochem Bio’s financial performance in detail.
| Particulars (₹ in lakhs) | FY23 | FY24 | FY25 |
| Revenue from Operations | 4,818.84 | 6,114.63 | 8,417.27 |
| Total Assets | 5,060.33 | 6,405.53 | 7,889.13 |
| Profit After Tax | 107.29 | 180.13 | 775.07 |
Neochem Bio IPO Lot Size
Displayed below is the lot-wise investment pattern applicable to bidders of this IPO.
| Application | Lots | Shares | Amount (in ₹) |
| Retail (Min) | 2 | 2,400 | 2,35,200 |
| Retail (Max) | 2 | 2,400 | 2,35,200 |
| S-HNI (Min) | 3 | 3,600 | 3,52,800 |
| S-HNI (Max) | 8 | 9,600 | 9,40,800 |
| B-HNI (Min) | 9 | 10,800 | 10,58,400 |
Neochem Bio IPO Promoter Holding
The following details indicate the promoter shareholding changes after the issue.
| Percentage | |
| Promoter Holding Pre-Issue | 91.12% |
| Promoter Holding Post-Issue | 66.7% |
Neochem Bio IPO Anchor Investors Details
The entire set of approved IPO documents is available at the links shared here.
| Bid Date | December 02, 2025 |
| Shares Offered | Up to 60% of the QIB Portion (13,06,800 equity shares) |
| Anchor Portion Size | Yet to be announced |
Neochem Bio IPO Prospectus
The full collection of authorised IPO documents is provided through the hyperlinks included below.
About Neochem Bio Solutions Ltd.
Neochem Bio Solutions Ltd., with roots tracing to 1978 and incorporated in 2017, is headquartered in Ahmedabad, Gujarat. The company manufactures specialty performance chemicals for textile processing, garment washing, home & fabric care, paints, paper, construction, and industrial cleaning, offering over 200 high-quality products. It operates a 22,000 MTPA facility at Moraiya with 500 MT raw material and 800 MT finished goods storage. Swapnil R Makati serves as Managing Director. NSIC-CRISIL rated, Neochem emphasises innovation, sustainability, GOTS-compliant solutions, and biodegradable products while prioritising safety and environmental responsibility.
| Principal book runners | Vivro Financial Services Private Limited |
| Appointed registrar | MUFG Intime India Private Limited |
Objectives of the Neochem Bio IPO
Given is the details of the company’s planned use of IPO funds.
| Intended deployment of the issue | Allocation (₹ in Lakhs) |
| Funding the firm’s ongoing operational capital requirements | 2,390.00 |
| Allocation toward clearing or pre-clearing some or all debt obligations of the company | 1,000.00 |
| General Corporate Purposes | NA |
Strength Of Neochem Bio IPO
The main strengths of Neochem Bio Solutions Ltd. include the following:
- Integrated manufacturing operations: Operates a flexible manufacturing facility in Moraiya, Ahmedabad, capable of producing key intermediates in-house and handling multiple chemistries (polymers, surfactants, silicones, esters), allowing for cost efficiency and supply chain reliability.
- Strong application knowledge: Possesses over four decades of experience with deep domain knowledge in applied chemistries for diverse industries like textiles, home & personal care, water treatment, and paints & coatings, supported by a portfolio of over 350 customised formulations.
- Established customer relationships: Maintains long-standing relationships with a diversified customer base across domestic and international markets (including countries like Bangladesh, Australia, Vietnam, and Egypt), supported by a network of over 50 distributors.
- R&D and sustainability focus: Features a dedicated in-house R&D laboratory and application research center focused on developing bio-based, sustainable solutions (e.g., plant-based softeners, glucose-derived surfactants) and holds certifications like ZDHC Level 3 and GOTS 7.0.
- Experienced management: Led by Promoter and Managing Director Swapnil Rameshbhai Makati with over 20 years of industry experience, supported by a skilled management team with significant domain expertise.
Risk of Neochem Bio IPO
Given herein are the core risks associated with the company’s working.
- High dependence on textile industry: A substantial portion of revenue (approx. 85.24% in FY25 and 90.75% in FY24) is derived from the textile industry; any downturn in this sector could materially affect business operations.
- Customer concentration risk: Revenue concentration stood at 55.09% from the top 10 buyers as of September 2025, and 45.19% during FY25. The departure of a significant customer could negatively impact how the company’s financial results turn out.
- Absence of long-term contracts: The company does not maintain long-term contractual arrangements with the majority of its customers, relying instead on short-term purchase orders which can be cancelled or modified.
- Underutilisation of capacity: As of September 30, 2025, the manufacturing facility’s capacity utilisation was only 22.74% (41.82% in FY25). Inability to optimally utilise capacity may impact profitability.
- Geographical concentration: Significant dependence on domestic sales, particularly from customers located in the State of Gujarat (55.08% of revenue for the period ended Sept 30, 2025), exposing the business to regional risks.
- Unfavourable cash flows: The company has reported negative cash flows from operating activities in the past (e.g., ₹(768.92) lakhs for the period ended Sept 30, 2025, and ₹(74.18) lakhs in FY23), which could affect liquidity.
Conclusion
The Neochem Bio IPO presents a company with strong profit growth and a clear plan to reduce debt. However, its heavy dependence on the textile industry creates concentration risk. Those planning to apply should analyse these factors to ascertain if the growth trajectory can hold.
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Neochem Bio IPO FAQs
The Neochem Bio IPO is a fresh issue of ₹44.97 crore on the NSE BSE SME platform with a price band of ₹93 to ₹98 per share. It offers only fresh shares, no offer for sale, targeting specialty chemical markets.
To apply through Zerodha, access the IPO section in the Zerodha Console during December 2–4, select Neochem Bio IPO, place a bid for at least one lot of 1200 shares at the price band, and authorise payment via UPI before the deadline.
The IPO opens for subscription on December 2, 2025, and closes on December 4, 2025, allowing investors a three-day window to apply.
The minimum lot size is 1,200 shares, requiring a minimum investment of approximately ₹1,17,600 based on the upper price band of ₹98 per share.
Open a demat and trading account, review the IPO prospectus, fund your payment account, then log onto your broker’s IPO platform during subscription dates, select lots in multiples of 1,200 shares, bid within the price band, and confirm payment via UPI.
Provisional allotment results are expected on December 5, 2025. Investors will receive notifications about their allotment status shortly after.
The IPO is scheduled to list on the NSE and BSE SME platforms on December 9, 2025, post completion of allotment and receipt of shares in demat accounts.
