Petro Carbon and Chemicals IPO Day 2: Issue booked over 4 times, key things to know

Petro Carbon and Chemicals IPO is witnessing decent demand on the second day of bidding. The issue has been subscribed over 4 times till 12:45 pm on the second day of bidding, June 26, with bids for over 1.75 crore shares against 43.32 lakh shares on offer, according to NSE data.

Non-Institutional Investors (NIIs) bid for 38.52 lakh shares against the 9.28 lakh shares offered for bidding, leading to a subscription of 4.15 times. Retail investors placed bids for 1.35 crore shares compared to the 21.66 lakh shares set aside for the category. The issue was subscribed 6.2 times by retail subscribers.The Qualified Institutional Buyers (QIB) category of the SME issue was booked 14% as investors placed bids for 1.8 lakh shares compared to the 12.36 lakh shares reserved for the category.

Petro Carbon and Chemicals IPO: Offer size, price band and lot size

The NSE SME issue of Petro Carbon and Chemicals is valued at ₹113.16 crore and comprises an offer for sale (OFS) of 66.18 lakh shares by the company’s existing shareholders.

The price band for the company’s public issue has been set in the range of ₹162 to ₹171 per share. Retail investors can place bids by investing in one lot comprising 800 shares translating to a minimum investment of ₹1,36,800.

To know more and apply for Petro Carbon and Chemicals IPO, CLICK HERE

Petro Carbon and Chemicals IPO: Allotment date, listing date and subscription window

Petro Carbon and Chemicals IPO’s subscription window will close on June 27. The allotment status of Petro Carbon and Chemicals shares is likely to be finalised by June 28. The company will initiate refunds for unsuccessful bidders and credit shares to demat accounts of successful bidders on July 1. Shares of the SME issue are likely to be listed on the NSE SME platform, Emerge on July 2.

Petro Carbon and Chemicals IPO: Key Financials

In the 9-month period that ended on December 31, 2023, Petro Carbon and Chemicals generated a revenue of ₹447.11 crore. The company earned a Profit After Tax (PAT) of ₹70.31 crore during the period.

Petro Carbon and Chemicals revenue for the financial year ended March 31, 2023 grew nearly 85% to ₹517.6 crore compared to ₹279.9 crore in the preceding fiscal.

The company’s PAT swelled nearly 18% to ₹6.72 crores compared to ₹5.7 crores in the preceding fiscal. The net worth of Petro Carbon and Chemicals grew 22% to ₹37.52 crore compared to ₹30.8 crore in the year-ago period.

Petro Carbon and Chemicals IPO: Objectives

Since it’s an OFS, net proceeds from the IPO will go to shareholders of Petro Carbon and Chemicals. The company will not receive any of the proceeds.

Petro Carbon and Chemicals IPO: About

Petro Carbon and Chemicals Limited, founded in 2007, is a producer of calcined petroleum coke (CPC). CPC is used in the manufacture of aluminium, steel, and other carbon-based products. The company has a production facility in West Bengal with a capacity of around 93,744 tons of CPC per annum.

To know more about IPOs listing, schedule and upcoming IPOs, click here