Phoenix Overseas IPO fully subscribed on day 1; check price band, lot size and more

Phoenix Overseas IPO (Phoenix Overseas Limited IPO) was fully subscribed on Friday, September 20, the first day of bidding, driven by high retail demand.

The NSE SME issue received bids for 56.3 lakh shares compared to 54.34 lakh shares on offer, leading to an overall subscription of 1.03 times.

The retail portion of the IPO was booked 1.92 times with applications for 43.26 lakh shares compared to 22.46 lakh shares on offer.

The issue was subscribed 18% in the Non-Institutional Investors (NIIs) category with bids for 4.46 lakh shares against the 23.86 lakh shares reserved for the segment. Qualified Institutional Buyers (QIBs) placed bids for 8.58 lakh shares compared to the 8.02 lakh shares set aside for the category. Phoenix Overseas IPO was booked 1.06 times in the QIBs category.

Phoenix Overseas IPO: Offer size, price band and other details

Phoenix Overseas IPO, worth ₹36.03 crore, consists of a fresh issuance of 45.8 lakh shares aimed at raising ₹29.31 crore along with an offer for sale (OFS) portion of 10.5 lakh shares, aggregating to ₹6.72 crore. Phoenix Overseas IPO price band has been fixed at ₹61 to ₹64 per share.

Retail investors interested in applying for Phoenix Overseas IPO can place bids for a minimum lot size of 1 lot, or 2,000 shares, which aggregates to an investment of ₹1,28,000. High Networth Individuals (HNIs) can place bids for a minimum of two lots or 4,000 shares, aggregating to an investment of ₹2,56,000.

Phoenix Overseas IPO: Subscription window, listing date, allotment date

Phoenix Overseas IPO subscription is open from September 20 to September 24.

Phoenix Overseas IPO share allotment status is likely to be finalised on Wednesday, September 25. Refunds will be initiated for unsuccessful bidders on Thursday, September 26, successful bidders will receive shares of Phoenix Overseas in their Demat accounts on the same day. Shares of Phoenix Overseas will list on the NSE SME platform, Emerge. The tentative listing date for Phoenix Overseas shares is Friday, September 27.

Phoenix Overseas IPO Registrar

Cameo Corporate Services Limited is the registrar for the Phoenix Overseas IPO. Khandwala Securities Limited is the book-running lead manager for the NSE SME issue, and Nikunj Stock Brokers is the market maker.

Phoenix Overseas Key financials

In FY24, Phoenix Overseas Limited’s revenue increased over 21% to ₹549.15 crore compared to ₹451.31 crore in FY23. The company’s profit-after-tax grew over 43% to ₹5.49 crore in FY24 against ₹3.75 lakh in FY23.

In FY24, the company’s net worth grew over 9% to ₹50.12 crore compared to ₹45.7 crore in FY23.

Phoenix Overseas Promoters

Phoenix Overseas promoters include Aparesh Nandi, Jayanta Kumar Ghosh, and Uday Narayan Singh, BCPL Railway Infrastructure Limited, AN Dealers LLP, JKG Commercial LLP, UNS Commercial LLP, Tricon Logistics Engineering Consultancy Private Limited, and Kanhai Singh Welfare Trust. The promoters held a 99.16% stake in the company before the issue.

Phoenix Overseas IPO objective

Phoenix Overseas plans to use the funds raised via the public issue to fund the company's working capital requirements, pursue inorganic growth initiatives, and pursue general corporate purposes.

About Phoenix Overseas Limited

Phoenix Overseas Limited was incorporated in December 2002. The company trades and markets animal feeds, agricultural produce, and commodities such as corn, oil cakes, spices like dry red chillies, coriander, cumin seeds and other such products. The company had 29 employees and 3 contractual employees as of September 2024.