Snehaa Organics shares list flat at Rs 122 on NSE SME platform

Snehaa Organics shares made a muted debut on the NSE SME platform on Friday, listing at Rs 122 apiece, flat against the issue price.

The Rs 32.68 crore IPO, priced at Rs 122 per share, was open for bidding between August 29 and September 2. The offer attracted significant investor attention, with overall subscription reaching 27.75 times.

Within this, the Qualified Institutional Buyer (QIB) segment led the charge, subscribing 42.19 times. The retail portion saw 37.75 times subscription, while the non-institutional investor (NII) category was booked 16.23 times.


The IPO consisted entirely of a fresh issue of 26.79 lakh shares, making it a relatively small-cap offering compared to recent SME peers. The proceeds are earmarked for meeting working capital requirements (Rs 23.94 crore), repayment of borrowings (Rs 3.5 crore), and general corporate purposes.

Snehaa Organics, incorporated in 2017, operates in the niche area of solvent recovery — an activity that has been gaining importance amid growing emphasis on sustainability in the pharmaceutical and chemical industries.

The company distills and purifies spent solvents for reuse and also trades solvents directly. Its Hyderabad facility spans 3,300 sq. ft., and it has developed a reputation in the pharma belt for efficient recovery processes.

Financially, Snehaa Organics has shown decent growth. Revenue rose 10% year-on-year to Rs 26.29 crore in FY25, while profit after tax more than doubled to Rs 7.34 crore from Rs 3.66 crore in FY24.

Post-IPO, the company’s market capitalization stands at around Rs 124 crore. Whether Snehaa Organics can give healthy returns after listing will depend on investor appetite for niche, high-margin plays in a challenging market environment.

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