High retail demand drove the Phoenix Overseas IPO (Phoenix Overseas Limited IPO) to full subscription on the first day of bidding on Friday, September 20.
A total of 1.03 times as many shares were subscribed to the NSE SME issue overall, with bids for 56.3 lakh shares exceeding the 54.34 lakh shares on offer.
Total subscription received
With applications for 43.26 lakh shares, as opposed to the 22.46 lakh shares on offer, the retail portion of the IPO was booked 1.92 times.
With bids for 4.46 lakh shares against the 23.86 lakh shares set aside for the segment, the issue was subscribed 18 per cent in the Non-Institutional Investors (NIIs) category.
18 lakh shares were set aside for the category; however, only 18 lakh shares were bid on by Qualified Institutional Buyers (QIBs). The QIBs category saw 1.06 time bookings for Phoenix Overseas IPO.
IPO size and price band
The Rs 36.03 crore Phoenix Overseas IPO comprises an offer for sale (OFS) of 10.5 lakh shares and a new 45.8 lakh share issuance with the goal of raising Rs 29.31 crore, for a total value of Rs 6.72 crore.
The price range for Phoenix Overseas IPO is set at Rs 61 to Rs 64 per share.
Minimum bid and lot size
Retail investors may bid for a minimum lot size of 1 lot, comprising of 2,000 shares, with an overall investment of Rs 1,28,000 for retail investors applying for Phoenix Overseas IPO.
In order to participate, high-networth individuals (HNIs) must bid for a minimum of two lots, or 4,000 shares, for a total investment of Rs 2,56,000.
Subscription timetable
The subscription period for Phoenix Overseas IPO is open from September 20 to September 24.
On Wednesday, September 25, the share allotment status for Phoenix Overseas IPO is probably going to be finalised. On Thursday, September 26, bidders who are successful will receive shares of Phoenix Overseas in their Demat accounts, and unsuccessful bidders will begin receiving their refunds.
Phoenix Overseas's shares will go public on Emerge, the NSE SME marketplace. Phoenix Overseas shares are expected to go on sale on Friday, September 27.
Company financials
Phoenix Overseas Limited saw a 21 per cent increase in revenue in FY24, reaching Rs 549.15 crore from Rs 451.31 crore in FY23. From Rs 3.75 lakh in FY23 to Rs 5.49 crore in FY24, the company's profit-after-tax increased by more than 43 per cent.
The company's net worth increased by more than 9 per cent to Rs 50.12 crore in FY24 from Rs 45.7 crore in FY23.
