New Delhi, Dec. 18 -- The maiden share sale of Phytochem Remedies kicked off for bidding on December 18, with an aim to raise Rs.38.22 crore. The initial public offering (IPO) will be available for subscription till December 22.

Phytochem Remedies IPO is entirely a fresh share sale of 0.39 crore shares. Since it is a fixed price issue, the shares are being sold at Rs.98 as against a price band. Investors can bid for the Phytochem Remedies IPO in a lot size of 1200 shares. A retail investor needs to shell out at least Rs.2,35,200 to apply for Phytochem Remedies IPO, as they need to bid for two lots at the minimum.

Since the IPO is a fresh offer, the company has earmarked Rs.13.60 crore for the purchase of machinery, Rs.5.88 crore for civ...