| The initial public offer (IPO) of Nexxus Petro Industries received bids for 12,31,200 shares as against 18,50,400 shares on offer, as per BSE data as of 17:00 hours on Thursday (26 September 2024). The issue was subscribed 0.66 times.
The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price of the IPO is fixed at Rs 105 per share. The minimum order quantity is 88 equity shares. The equity shares will list on BSE’s SME platform.
The IPO comprises fresh issue of 18,50,400 shares. The promoter and promoter group shareholding will dilute to 73.38% from 100% pre-IPO.
About 93,600 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 17,56,800 equity shares. The issue and the net issue will constitute 26.62% and 25.28%, respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds for working capital requirements of company and general corporate purpose.
Nexxus Petro Industries engaged in trading, manufacturing and selling of Petrochem products namely Bitumen products. The company’s product is widely used in infrastructure sector being road construction industry. Its range of products includes various grades of Bitumen which are classified on the base of viscosity and related properties of each grades. Bitumen is used for road construction, waterproofing, adhesives, insulation, paints and coating, agriculture and soundproofing. The company had 17 permanent employees.
The company recorded revenue from operations of Rs 237.78 crore and net profit of Rs 3.48 crore for the period as on 31 March 2024.
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