Phytochem Remedies (India), a Jammu-based packaging company, is set to raise ₹38.22 crore through its initial public offering (IPO) at a fixed price of ₹98 per share. The IPO will consist entirely of a fresh issue of 39 lakh shares and will close on December 22, 2025. Shares are expected to be listed on the BSE SME platform, with a tentative listing date of December 26. However, the grey market premium for the IPO is currently zero, indicating muted expectations for listing gains.