BSE SME Shivchem Agro wilts after listing

Shivchem Agro traded at Rs 58.90 on the BSE, representing a 5% discount over its issue price of Rs 62.

The scrip was listed at Rs 62, matching the IPO price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 62 and a low of Rs 58.90. About 2.76 lakh shares changed hands on the BSE.

Shivchem Agro's IPO was subscribed 2.14 times. The book-built issue comprised an entirely fresh issue of 22.60 lakh shares. The IPO opened for subscription on 28 September 2026 and closed on 30 September 2026. The issue price was fixed at Rs 62 per share, against a price band of Rs 59 to Rs 62.

The promoters' shareholding declined from 92.73% before the IPO to 64.91% after the issue.

Shivchem Agro plans to use Rs 6.90 crore of the IPO proceeds towards working capital requirements and Rs 3.50 crore towards repayment or prepayment of certain loans. Another Rs 1.51 crore is earmarked for general corporate purposes, while Rs 2.10 crore is allocated towards issue expenses.

Incorporated in September 2021, Shivchem Agro is an agrochemical company engaged in the manufacturing, stocking, distribution and sale of agricultural formulations. Its product portfolio includes insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers. The company is licensed to manufacture 176 agrochemical products and is authorised to manufacture 82 fertilizers, of which it currently manufactures eight.

The company is licensed to sell, stock, exhibit and distribute its products across eight states in India. As of 31 March 2026, it had 685 distributors supported by five godowns. Its manufacturing facility in Jhajjar is equipped with machinery for agrochemical production and includes an Effluent Treatment Plant and Wet Scrubber Unit.

Shivchem Agro is ISO 9001:2015, ISO 22000:2018 and ISO 31000:2018 certified. It provides crop protection solutions through solid and liquid formulations, supported by on-field product demonstrations and its distribution network. The company had 66 permanent employees as of 31 March 2026.

For FY2026, Shivchem Agro reported total income of Rs 33.84 crore, compared with Rs 27.50 crore in FY2025, an increase of 23%. Profit after tax rose 25% YoY to Rs 3.25 crore from Rs 2.60 crore.

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