Nexxus Petro Industries shares make strong market debut at 20% premium on BSE SME platform; check details

Shares of Nexxus Petro Industries Limited made a strong debut on the BSE SME platform on Friday, October 4. The stock listed at ₹126 apiece on BSE, marking a 20% increase from its initial public offering (IPO) price of ₹105.

After a decent listing gain, shares of Nexxus Petro Industries Ltd rallied to hit the 5% upper circuit at ₹132.3 apiece on the BSE SME Platform.

The minimum bidding quantity in the Nexxus Petro Industries IPO was 1,200 shares. Successful bidders, who were allotted shares in the primary issue, would have made a profit of at least ₹25,200 (₹21 x 1,200) as soon as the stock started trading on the exchange.

After the stock began to trade, 3.85 lakh shares of the company changed hands on the BSE. The company's total market capitalisation stood at ₹91.95 crore.

Nexxus Petro Industries IPO: Details

Nexxus Petro Industries IPO, worth ₹19.43 crore, opened for subscription on September 27. The fixed price issue consisted of a fresh issuance of 18.5 lakh shares offered at ₹105 apiece. Retail investors could have bid in the IPO with a minimum lot size of 1,200 shares, amounting to an investment of

Nexxus Petro Industries IPO was booked more than 8.49 times during the three-day bidding that opened on September 26 and closed on September 30. Investors across categories placed bids for over 1.49 crore shares of Nexxus Petro Industries against net issue size of 17.56 lakh shares.

The non-institutional investors (NII) quota was booked 8.51 times, and the retail investors’ quota was oversubscribed nearly 8.48 times.

The company plans to use the money raised via the public issue to fund its working capital requirements and for fulfilling general corporate purposes.

Nexxus Petro Industries Limited was incorporated in October 2021. The company trades, manufactures, and sells bitumen products. The company had 17 permanent employees as of September 2024.