September 27, 2024
New Delhi, India
Phoenix Overseas Limited IPO
Phoenix Overseas Limited made its stock market debut on Friday, September 27, 2024, listing at ₹64 per share on the NSE SME platform, exactly matching its IPO price of ₹64. Despite a robust response during the subscription period, the stock opened flat on the listing day.
Phoenix Overseas IPO Highlights:
- IPO Price: ₹64 per share
- Issue Size: ₹36.03 crore
- Subscription Period: September 20-24, 2024
- Price Band: ₹61-64 per share
During the three-day bidding window, the Phoenix Overseas IPO garnered overwhelming demand, with the issue subscribed 119.22 times overall. The retail investor segment led the charge, subscribing a staggering 148.43 times, while the Non-Institutional Investors (NIIs) subscribed 109.71 times. The Qualified Institutional Buyers (QIBs) quota was subscribed 65.74 times.
About Phoenix Overseas:
Founded in December 2002, Phoenix Overseas is a B2B trading company specializing in agricultural produce and commodities such as animal feeds, grains, spices, and more. The company also manufactures fashion accessories made from jute, cotton, canvas, and leather, catering to clients primarily in Europe, UAE, and Australia.
Phoenix Overseas operates a manufacturing facility in Sodhpur, Kolkata and reported a 22% revenue increase and a 46% rise in profit after tax (PAT) for the fiscal year ending March 2024.
IPO Breakdown and Objectives:
The IPO consisted of a fresh issue of 45.8 lakh shares aggregating to ₹29.31 crore and an offer for sale (OFS) of 10.5 lakh shares amounting to ₹6.72 crore.
The company plans to use the proceeds for:
- Working capital requirements
- Inorganic growth initiatives
- General corporate purposes
These funds will help enhance operational efficiency and support strategic acquisitions.
Lead Managers and Market Makers:
- Lead Manager: Khandwala Securities Limited
- Market Maker: Nikunj Stock Brokers
- Registrar: Cameo Corporate Services Limited
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