Neptune Petrochemicals IPO Allotment Finalized: 4.11x Oversubscribed
By ScanX News Team
Neptune Petrochemicals' Rs 73.20 crore IPO allotment is being finalized today. The IPO, priced at Rs 122 per share, was oversubscribed 4.11 times. Shares will be credited to investors' demat accounts by June 3, with listing on NSE SME platform scheduled for June 4. The funds raised will be used for manufacturing capacity expansion, office space acquisition, and working capital requirements.
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Neptune Petrochemicals' initial public offering (IPO) allotment is set to be finalized today, marking a significant milestone for the company. The Rs 73.20 crore IPO, which was open for subscription from May 28 to May 30, garnered considerable interest from investors, achieving an overall subscription of 4.11 times.
IPO Details
| Particulars | Details |
|---|---|
| Issue Size | Rs 73.20 crore |
| Price per Share | Rs 122 |
| Minimum Application | 1,000 shares |
| Subscription Period | May 28 to May 30 |
| Overall Subscription | 4.11 times |
Key Dates
| Event | Date |
|---|---|
| Allotment Date | Today |
| Credit of Shares | June 3 |
| Listing Date | June 4 (NSE SME) |
Utilization of Funds
The fresh issue of 60 lakh shares aims to support several strategic initiatives:
- Manufacturing capacity expansion
- Acquisition of office space
- Meeting working capital requirements
Investors who applied for the IPO can check their allotment status today. Those who receive an allocation can expect the shares to be credited to their demat accounts by June 3. The company is scheduled to make its debut on the NSE SME platform on June 4, which will provide liquidity for the newly minted shareholders.
The strong subscription rate of 4.11 times indicates robust investor interest in Neptune Petrochemicals, potentially reflecting positive sentiment towards the petrochemical sector or the company's growth prospects. However, as with all investments, market performance post-listing can vary, and investors should consider their risk appetite and investment goals.
As Neptune Petrochemicals prepares for its market debut, the successful completion of its IPO marks an important step in the company's journey, potentially providing it with the capital needed to fuel its expansion plans and strengthen its market position in the petrochemical industry.
