Chiraharit IPO: Check GMP, price band and other details – News Air Insight

The SME IPO of Chiraharit will open for subscription on September 29. The issue, priced at Rs 21 per share, is entirely a fresh issue of 1.48 crore equity shares. Investors can apply in lots of 6,000 shares, with a minimum retail application requiring Rs 2.52 lakh for 12,000 shares.

The IPO will close on October 3, with allotment expected on October 6 and listing on October 8 on the BSE SME platform. The grey market premium (GMP) is currently at 0%, suggesting cautious sentiment ahead of listing.

Out of the total issue, 5.03% has been reserved for the market maker, while the remaining shares are equally divided between retail investors and non-institutional investors (NIIs), each receiving 47.49% of the net offer.

Company overview

Incorporated in 2006, Chiraharit is engaged in providing innovative solutions across water and renewable energy sectors, alongside select construction projects.

The company has developed expertise in solar module cleaning systems, agricultural irrigation solutions, and water pipelines for industrial and residential projects. In the renewable energy segment, it is involved in turnkey execution of Compressed Bio-Gas (CBG) plants, covering civil, mechanical, and pumping systems.

The company also undertakes industrial and residential construction, widening its portfolio to serve diverse clients.

As of August 2025, Chiraharit reported a robust order book worth Rs 51.38 crore, indicating healthy revenue visibility in the medium term.

Financial Strength

Chiraharit has shown strong growth in its financials. Revenue nearly doubled in FY25, rising 96% to Rs 59.80 crore from Rs 30.57 crore in FY24. Profit after tax surged 898% to Rs 6.02 crore from Rs 0.60 crore in the previous year.

Objects of the IPO

The IPO proceeds will be used for funding capital expenditure towards setting up an HDPE ball valves and fittings manufacturing unit (Rs 5.26 crore), repayment of certain borrowings (Rs 3.90 crore), meeting working capital needs (Rs 14.13 crore), issue-related expenses (Rs 3.11 crore), and general corporate purposes (Rs 4.66 crore).

Outlook

A flat GMP suggests that investors may prefer to track subscription momentum before betting on listing gains.

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