Phoenix Overseas had a steady market debut today, listing at ₹64 on the NSE SME, which is the same as its IPO price.
The SME IPO was valued at ₹36.03 crore and was open for subscription from September 20 to September 24, 2024. The price range for the shares was set between ₹61 and ₹64.
During the three days of bidding, the IPO attracted overwhelming interest, with total subscriptions reaching 119.22 times. Investors submitted bids for 64.78 crore shares against the 54.34 lakh shares available. The retail investor segment saw an impressive subscription of 148.43 times, while the non-institutional investors (NII) category was oversubscribed 109.71 times. Qualified institutional buyers (QIBs) also showed strong interest, with their quota being subscribed 65.74 times.
About the IPO
The Phoenix Overseas IPO consisted of a fresh issue of 45.8 lakh shares worth ₹29.31 crore, along with an offer for sale of 10.5 lakh shares valued at ₹6.72 crore. Retail investors had to apply for a minimum of 2,000 shares, which required an investment of ₹1.28 lakh.
The company plans to use the proceeds from the IPO for various purposes, including working capital needs, pursuing growth opportunities, and general corporate expenses. These aims will help improve operational efficiency and support strategic acquisitions.
Khandwala Securities Limited served as the lead manager for the IPO, while Cameo Corporate Services Limited acted as the registrar. Nikunj Stock Brokers was the market maker.
About the Company
Founded in December 2002, Phoenix Overseas Limited is a B2B trading company that focuses on trading and marketing animal feeds, agricultural products, and commodities like corn, oil cakes, dry red chillies, and pulses. In addition to its trading activities, the company manufactures bags and fashion accessories made from jute, cotton, canvas, and leather. Their products, including purses and shopping bags, are primarily sold in European markets such as France, Italy, and Germany, as well as in the UAE and Australia. Phoenix Overseas operates a manufacturing facility in Sodhpur, Kolkata.
The company reported a 22% increase in revenue and a 46% rise in profit after tax (PAT) for the financial year ending March 31, 2024, compared to the previous year.
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