Phoenix Overseas Share Price Hits Lower Circuit Post Flat Listing On NSE SME

Shares of Phoenix Overseas Ltd. made a flat listing at Rs 64 apiece on the National Stock Exchange on Friday. The stock further dipped 5% from its listing price to hit a lower circuit at Rs 60.80 per share.

The listing price was lower than the grey market premium of the IPO, which hinted at a premium of Rs 15 over the issue price, as per the last update. As per InvestorGain, the anticipated listing price of the initial public offering of Phoenix Overseas was Rs 79 apiece, with a premium of 23.44%.

Investors must note that an IPO GMP does not indicate the actual listing price and is highly based on speculations. 

Phoenix Overseas IPO, aimed at mopping up Rs 36.03 crore, got subscribed 123.52 times on the last day of bidding led by bumper demand from retail investors. 

Retail investors applied for 157.89 times the shares allocated for them. Non-institutional investors subscribed 110.6 times of the shares set aside for them. Qualified institutional buyers subscribed their quota by 65.74 times.

The IPO was a combination of a fresh issue of 45.8 lakh shares worth Rs 21.31 crore and an offer for sale of 10.5 lakh shares totalling Rs 6.72 crore.

The issue was open between Sept. 20 and Sept. 24. Phoenix Overseas IPO price band was set between Rs 61 to Rs 64 per share.

Cameo Corporate Services Ltd. served as the registrar for the issue. 

The funds from the fresh issue will be used for meeting working capital requirements, pursuing inorganic growth activities, as well as for general corporate purposes.

Phoenix Overseas Ltd. engages in the trading and marketing of animal feeds, agricultural produce and commodities such as corn, oil cakes and tea. 

Founded in 2002, the B2B company primarily specialises in corn/maize and oil cakes. It also manufactures bags made of jute, cotton, canvas and leather, with a manufacturing unit located in Kolkata. The company’s clients are based in France, Italy, Germany, the UAE and Australia.