Nexxus Petro Industries Share Price Lists At 20% Premium Over Issue Price

Shares of Nexxus Petro Industries Ltd. debuted on the BSE SME platform at a 20% premium on the issue price of Rs 105. The stock listed at Rs 126 apiece on the BSE. Investors who allotted a minimum of 1 lot or 1,200 shares would have made a profit of Rs 25,200, against an investment of Rs 1,26,000.

Following the strong listing, shares of Nexxus Petro Industries hit 5% upper circuit at Rs 132.30 apiece on the BSE.

The grey market premium on Nexxus Petro Industries Ltd. shares was nil as per the last update before listing. As per InvestorGain, Nexxus Petro Industries IPO was likely to make a flat listing at its upper price band of Rs 105.

Investors must note that GMP is highly speculative and may not be a true indicator of a stock's possible performance.

Nexxus Petro Industries IPO was an entirely fresh issue of 18.5 lakh shares worth Rs 19.43 crore. The IPO, which opened for subscription between Sept. 27 and Sept. 30, saw a decent response from investors. The issue was booked over 8.4 times led by a strong demand from non-institutional investors.

The offering was subscribed by 8.51 times in the NII segment and 8.47 times in the retail category.

Retail investors could have bid for shares in the BSE SME IPO with a minimum lot size of 1,200 shares, totalling an investment of Rs 1,26,000 at the fixed price of Rs 105.

Kfin Technologies Ltd. served as the registrar for the issue, while Srujan Alpha Capital Advisors LLP was the book-running lead manager.

Gretex Share Broking Ltd. was the market maker for Nexxus Petro Industries IPO.

Nexxus Petro Industries plans to use the funds raised through the IPO to meet its working capital requirements and for general corporate purposes.

Nexxus Petro Industries Ltd. is a manufacturer, trader and seller of bitumen products, a liquid derived from petroleum. The company supplies its products to companies working in the road construction business.

Nexxus Petro Industries operates through three manufacturing units located in Gujarat, Rajasthan and Madhya Pradesh.