Phoenix Overseas IPO: Check Day 1 Subscription Status And Latest GMP Here
Phoenix Overseas IPO's grey market premium (GMP) is Rs 25 as of 08:57 p.m. on September 20, implying a 39.06% gain over the IPO price.
The initial public offering (IPO) of Phoenix Overseas Limited opened for bidding on September 20. The book-build issue of Rs 36.03 crore is a mix of fresh issuance and offer for sale portion. The issue size constitutes a fresh issuance of 45.8 lakh shares totalling Rs 29.31 crore and an offer for sale (OFS) portion of 10.5 lakh shares amounting to Rs 6.72 crore.
Phoenix Overseas IPO Details
The bidding process for the Phoenix Overseas IPO will be live between Sept. 20 and Sept. 24. The company has fixed the price band for the public offer in the range of Rs 61 to Rs 64 apiece. Retail investors can bid in this SME IPO with a minimum lot size of 2,000 shares amounting to Rs 1,28,000 at the upper price band.
The allotment of shares in Phoenix Overseas IPO is expected to be finalised on Sept. 25. Shares of Phoenix Overseas Ltd. will list on the NSE SME with a tentative listing date set of Sept. 27.
The company has appointed Khandwala Securities Ltd. as the book-running lead manager for the IPO. Cameo Corporate Services Ltd. is the registrar for the issue.
Nikunj Stock Brokers SKI is acting as the market maker for Phoenix Overseas IPO.
Phoenix Overseas IPO Day 1 Subscription Status
The IPO was subscribed 1.09 times on Friday
Qualified institutions: 1.07 times
Non-institutional buyers: 0.20 times
Retail investors: 2.04 times
Phoenix Overseas IPO GMP Today
The grey market premium (GMP) of Phoenix Overseas IPO is Rs 25 as of 08:57 p.m. on September 20, implying a 39.06% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 89 per share.
GMP is not an official price quote for the stock and is based on speculation.
Phoenix Overseas Ltd. Business
Founded in December 2002, Phoenix Overseas Ltd. specialises in trading and marketing animal feeds, agricultural produce and commodities such as corn, oil cakes, and spices.
The company primarily focuses on B2B business. Phoenix Overseas also manufactures a range of bags and fashion accessories made from jute, cotton, canvas, and leather, serving clients in Europe and Australia.
Phoenix Overseas IPO: Use of Proceeds
Phoenix Overseas Ltd. plans to use the proceeds from the public offer to fund its working capital requirements and inorganic growth initiatives. A portion of the funds will also be used for general corporate purposes.
Financial Performance
In FY24, Phoenix Overseas Ltd. posted a consolidated revenue from operations of Rs 549.15 crore compared to Rs 451.31 a year ago. The company reported a net profit of Rs 5.49 crore in FY24, a 46.4% year-on-year spike from Rs 3.75 crore reported in FY23.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
