NSE SME Petro Carbon and Chemicals' IPO ends with subscription of 60 times

The offer received bids for 39.92 crore shares as against 66.17 lakh shares on offer.

The initial public offer (IPO) of Petro Carbon and Chemicals received bids for 39,92,22,400 as against 66,17,600 shares on offer. The issue was subscribed 60.32 times.

The Retail Individual Investors (RIIs) category put in bids for 16,12,40,000 shares. The Non Institutional Investors (NIIs) category put in bids for 12,11,12,800 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 11,68,69,600 shares.

The issue opened for bidding on 24 June 2024 and it closed on 27 June 2024. The price band of the IPO was fixed at Rs 161 to 171 per share. The equity shares will be listed on the SME platform of NSE.

 

The entire IPO comprises of offer for sale (OFS) of upto 66,17,600 equity shares. The promoters, Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, Bharat Atha sold 13,23,520 shares each through the OFS.

Ahead of the IPO, Petro Carbon and Chemicals on 24 June 2024, raised Rs 31.72 crore from anchor investors. The board allotted 18.55 lakh shares at Rs 171 per share to 5 anchor investors.

Petro Carbon and Chemicals (PCCL) is engaged in the business of manufacturing and marketing of Calcined Petroleum Coke (CPC). The companys business model is fundamentally a B2B model wherein we majorly supply our end product CPC, to the renowned, aluminum manufacturing government companies, graphite electrodes and titanium dioxide manufacturers as well as other users in the metallurgical, chemical industries and other steel manufacturing companies. As on 31 December 2023, the company has 73 employees.

The company recorded revenue from operations of Rs 445.70 crore and net profit of Rs 70.31 crore for the period as on 31 December 2023.

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