Nexxus Petro Industries IPO Opens Today — Check GMP, Price Band And More

The initial public offering of Nexxus Petro Industries Ltd. will open for bidding on Sept. 26. The IPO is a fixed price offering of 18.5 lakh shares, amounting to Rs 19.43 crore. It will be open for subscription till Sept. 30.

The price band for the offering is set at Rs 105 per share. Retail investors can bid in the IPO with a minimum lot size of 1,200 shares amounting to Rs 1,26,000.

Kfin Technologies Ltd. will serve as registrar for the IPO, while Srujan Alpha Capital Advisors LLP is the book running lead manager.

Gretex Share Broking Ltd. has been appointed as the market maker for the Nexxus Petro Industries IPO.

The share allotment for the offering is expected to be finalised on Oct. 1. This will be followed by the initiation of refunds for non-allottees and credit of shares into the Demat account of successful bidders on Oct. 3.

Shares of Nexxus Petro Industries Ltd. are set to be listed on the BSE SME platform, tentatively on Oct. 4.

Nexxus Petro Industries IPO grey market premium was nil as of 8:31 a.m. on Thursday, indicating a flat listing. Investors should note that GMP of an IPO is not the official listing price and is just grey market estimates.

Nexxus Petro Industries Ltd. specialises in the trading, manufacturing and sale of petrochemical products, with a focus on bitumen and its allied products.

Incorporated in October 2021, the company produces bitumen, bitumen emulsions and specialised products. The company's clientele includes infrastructure and construction companies, government agencies and road authorities.

The company plans to use the proceeds raised from the issue to fund its working capital requirements and for general corporate purposes.

Nexxus Petro Industries Ltd. saw a revenue growth of 66.89% at Rs 238.37 crore in fiscal 2024, up from Rs 142.83 crore in the previous year. The company's profit after tax increased by 74% at Rs 3.48 crore in fiscal 2024 from Rs 2 crore in fiscal 2023.