Neochem Bio Solutions’ Rs 44.97 crore SME IPO opened on December 2 with a slow start, recording just 0.02 times subscription by mid-morning on Day 1, driven entirely by retail bids. The issue carries a mild GMP of Rs 5, indicating modest listing sentiment. Anchor investors, led by Mukul Agarwal’s Sanshi Fund with a 39% share, subscribed Rs 12.77 crore ahead of the launch.