Petro Carbon and Chemicals IPO: Check price band, lot size and other key details

Kolkata-based Petro Carbon and Chemicals Ltd.'s initial public offering opened for subscription on Tuesday, June 25. The company seeks to raise around ₹113.16 crore through the SME public offering.

According to the exchange data, the Petro Carbon and Chemicals IPO was booked around 36% by 12 pm on the first day. Applications for 15,93,600 equity shares were received against 43,32,000 shares on offer for subscription to public investors by noon.

The retail portion was booked around 39% with bids for 8,53,600 shares. Non-institutional investors’ portion was subscribed 71% as applications for 7,10,400 shares were received against 9,28,800 on offer. No bids were received from qualified institutional players so far on Day 1.

The company raised around ₹31.72 crore from anchor investors on Monday by allotting 18,55,200 shares at a price of ₹171 per share.

Subscription dates

The Petro Carbon and Chemicals Ltd IPO opens for subscription on June 25 (Tuesday) and closes on June 27 (Thursday) on the NSE SME platform.

Issue size details

The ₹113.16 crore public offer of Petro Carbon and Chemicals Ltd is an entirely offer for sale of 66.18 lakh shares by existing shareholders. The company has marked 12,36,800 shares for qualified institutional buyers (QIBs), around 9,28,800 equity shares for non-institutional investors and 21,66,400 equity shares for retail investors.

Petro Carbon and Chemicals IPO price and lot size

Petro Carbon and Chemicals has fixed the IPO price band at ₹162 to ₹171 per share. The minimum lot size is 800 shares for retail investors. The minimum amount of investment is ₹136,800.

GYR Capital Advisors Private Limited is the book-running lead manager. Bigshare Services Pvt Ltd is the IPO registrar. Giriraj Stock Broking is the marker maker of the Petro Carbon and Chemicals IPO.

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Petro Carbon and Chemicals allotment and listing date

The share allotment status is expected to be out on June 28 (Friday). The company is likely to release refunds and initiate credit of shares to demat accounts on July 1. The shares are to be listed on July 2 on NSE’s SME platform.

Petro Carbon and Chemicals IPO objective

The Petro Carbon and Chemicals IPO is an entire Offer-for-sale issue. Existing shareholders Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha and Bharat Atha are offering 13,23,520 shares each to public investors. As it is an OFS issue proceeds of the IPO will go to selling shareholders and the company will not receive any of the proceeds.

Petro Carbon and Chemicals is an Atha Group company. The Kolkata-based company produces and sells calcined petroleum coke (CPC) in the carbon industry.

The company’s business model is fundamentally a B2B model. Petro Carbon supplies end product CPC to aluminium manufacturing government companies, graphite electrodes and titanium dioxide manufacturers. It also supplies CPS to other users in the metallurgical, chemical industries and other steel manufacturing companies.

Petro Carbon and Chemicals reported a total income of ₹447 crore for the April-December period of FY2023-24. Its total income was ₹518 crore in 2022-23 against ₹280 crore in the previous year.

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