Chiraharit IPO Sees Moderate Demand, Subscribed 1.88x by Day 4

Meta description: Chiraharit Limited’s SME IPO shows moderate demand, subscribing 1.88x by Day 4, led by individual investors at 3.03x, against a ₹31.07 crore offer.

Overview
Chiraharit Limited, established in 2006, specializes in turnkey EPC projects in water-based and renewable energy sectors. The company’s SME IPO is priced at ₹21 per share, with an issue size of ₹31.07 crore. Early market reception on Day 4 reflected steady interest, as the overall subscription rose to 1.88x.

Subscription trajectory (Day-by-day)
– Day 1: Overall subscription around 0.10x.
– Day 2: About 0.20x in total subscriptions.
– Day 3: Subscriptions improved to 0.77x, led by stronger retail interest.
– Day 4: Final tally reached 1.88x, signaling moderate demand ahead of listing.

Day 4 highlights
– Individual investors led the rally with a 3.03x subscription, up from 1.31x on Day 3.
– Non-institutional buyers subscribed at 0.73x, up from 0.24x on Day 3.
– Market makers stood at 1.00x.
– The total number of applications reached 1,917, indicating steady but selective participation for this SME IPO.
– Cumulative bid amount stood at ₹55.54 crores, significantly exceeding the ₹31.07 crore issue size.

Subscription details by category (as of Day 4)
– Market Maker: 1.0x; Shares Offered 7,44,000; Shares bid 7,44,000; Amount ₹1.56 crore.
– Non-Institutional Buyers: 0.73x; Shares Offered 70,26,000; Shares bid 51,60,000; Amount ₹10.84 crore.
– Individual Investors: 3.03x; Shares Offered 70,26,000; Shares bid 2,12,88,000; Amount ₹44.70 crore.
– Total: 1.88x; Shares Offered 1,40,52,000; Shares bid 2,64,48,000; Amount ₹55.54 crore.

What this means for investors
The Day 4 results place Chiraharit’s SME IPO in the moderate-demand tier. Retail participation remains the strongest driver, while non-institutional bids are mixed. The price band and issue size make this offering accessible to small and mid-cap investors seeking exposure to water and renewable-energy EPC projects.

About Chiraharit Limited
Incorporated in 2006, Chiraharit Limited focuses on turnkey EPC projects in the water and renewable energy sectors. Its portfolio includes solar module cleaning systems, irrigation solutions, water pipeline projects, and the construction of compressed biogas plants. As of August 31, 2025, the company reported an order book of ₹51.38 crore.

Next steps for investors
Investors should monitor final subscription figures as the SME IPO progresses toward closure and subsequent listing. The Day 4 data indicates steady retail interest but not a surge in demand. Listing plans and pricing will be guided by final bids and market conditions closer to the closure date.