Phoenix Overseas shares hit lower circuit after listing flat at ₹64 apiece on NSE Emerge; check details

Phoenix Overseas made a muted debut on the NSE SME platform on Friday, September 27, with shares listing flat.

According to exchange data, the company's shares opened flat at its issue price of ₹ 64 per share. Soon after the listing, amid selling by investors, the stock declined by 5% to hit the lower circuit at ₹ 60.8 per share.

More than 15.96 lakh shares were traded in the early session. The traded value stood at ₹10.18 crore, while the company's market capitalisation stood at ₹117.62 crore, the NSE data at 10:30 a.m. showed.

Phoenix Overseas IPO details

Phoenix Overseas Limited raised ₹36.03 crore through its initial public offering last week. The IPO was open for bidding from September 20 to 24.

The initial public offering of the agricultural products and animal feed trader comprised a fresh issue of 45.8 lakh shares, worth up to ₹29.31 crore, and an offer-for-sale (OFS) portion of 10.5 lakh shares, worth up to ₹6.72 crore.

The IPO price band was fixed at ₹61 to ₹64 per share, and the minimum lot size was 2,000 shares.

Phoenix Overseas IPO attracted strong bids across investor categories. The SME issue was subscribed more than 123 times on robust retail demand. The IPO received applications for more than 67.12 crore shares against 54.34 lakh shares on offer.

The retail individual investors’ quota was subscribed 157 times. Bids for 35.46 crore shares were received against 22.46 lakh shares on offer for the category.

The Non-Institutional Investors’ (NIIs) portion was subscribed 110 times. NIIs placed bids for 26.39 crore shares against 23.46 lakh shares on offer to them. The Qualified Institutional Buyers (QIBs) quota was subscribed 65.7 times. Bids for 5.27 crore shares against 8.02 lakh shares on offer.

The company finalised the share allotment status on September 25, 2024. Refunds and credit of shares into the Demat accounts of successful bidders were initiated on September 26.

Phoenix Overseas IPO objective

Phoenix Overseas has proposed to utilise ₹10 crore of IPO proceeds for funding working capital requirements and around ₹6 crore to finance opportunities for inorganic growth.

Also, the company plans to invest in equity shares in a newly incorporated company to expand its business in the crude oil refining segment.

Phoenix Overseas, founded in December 2002, is engaged in trading and marketing animal feeds and agricultural products. It markets commodities such as corn, oil cakes and spices.