Petro Carbon and Chemicals shares list with a 75% premium at ₹300 on NSE SME platform

Petro Carbon and Chemicals Ltd made a bumper debut on the NSE SME platform, Emerge, on Tuesday with its shares listing at a premium of 75% to the issue price.

The stock started trading at ₹300 per share against the issue price of ₹171 apiece on the NSE SME platform, reflecting gains of 75% over the issue price.

The stock further gained to hit a high of ₹314.8 apiece on increased buying by investors in opening trade. More than 25 lakh shares of the company changed in early trade on the NSE SME platform. The traded value was ₹76 crore.

Shares of the company later retreated from high levels to trade at ₹294 per share, down 2% from the listing price but still up by 71% from the issue price of ₹171 per share. The company's market valuation stood at ₹726 crore.

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Petro Carbon and Chemicals Ltd manufactures and markets Calcined Petroleum Coke (CPC). The Atha group company is mainly a B2B player. It supplies the CPC product to graphite electrodes and titanium dioxide manufacturers and state-run aluminium producer companies. The company also supplies CPC to companies in chemical industries, metallurgical and other steel manufacturing businesses.

Kolkata-based Atha Group is a multi-product and multi-location business conglomerate. Promoters held a 100% stake in the company before the IPO. Among promoters, Vishal Atha held 32.56%, Kishor Kumar Atha 20%, Dilip Kumar Atha 17.44%, Gaurav Atha 15% and Bharat Atha had 15% stake in the company.

Petro Carbon and Chemicals Ltd launched its initial public offering on June 25 to raise around ₹113.16 crore from public investors. The IPO closed on June 27 on the NSE SME platform.

The public offer of Petro Carbon and Chemicals was entirely an Offer for Sale (OFS) of 66.18 lakh shares. Existing shareholders Kishor Kumar Atha, Gaurav Atha, Dilip Kumar Atha, Bharat Atha and Vishal Atha offered 13,23,520 shares each to public investors.

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

GYR Capital Advisors was the book-running lead manager. Bigshare Services Pvt Ltd is the IPO registrar.

According to the exchange data, Petro Carbon and Chemicals IPO was booked 92 times on the final day on June 27. Applications for 39.85 crore shares worth ₹6,815.79 crore were received against 43.32 lakh shares on offer for subscription.

The Qualified Institutional Buyers’ quota was booked more than 94 times, the Non-Institutional Buyers category was booked 129 times, and the retail investors portion was subscribed 74 times.

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