Petro Carbon and Chemicals makes bumper debut, lists with 75% premium on NSE SME- Grow Mudra

Petro Carbon and Chemicals makes bumper debut, lists with 75% premium on NSE SME

02 Jul , 2024 By : Debdeep Gupta

Shares of Petro Carbon and Chemicals made a robust start to its stock exchange debut on July 02 after listing at Rs 300, a massive premium of 75.4 percent over the issue price of Rs 171.

The listing gained top grey market estimates by a healthy margin as shares were trading at a premium of about 50 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

The Rs 113-crore initial public offer (IPO), which is entirely an offer for the sale of 66.18 lakh shares, received strong investor interest as the issue was subscribed 92 times over the three days. Non-institutional investors were the most active, picking up nearly 130 times the portion set aside for them. QIBs or qualified institutional buyers purchased 94.5 times their allotted quota while retail investors bought 74 times the portion.

The company, part of the ATHA Group, was established in 2007. The company specializes in producing calcined petroleum coke (CPC) for the carbon industry. CPC, derived from raw petroleum coke (RPC), also known as green petroleum coke, is essential in the manufacturing and production of aluminum, steel, and various other carbon-based products.