Nexxus Petro Industries lists at 20% premium on BSE SME, hits upper circuit

Team FS

    04/Oct/2024

Key Points:

Nexxus Petro Industries debuts at ₹126 per share, a 20% premium over its IPO price of ₹105.

The stock hit a 5% upper circuit at ₹132.30 following the strong listing.

Investors who were allotted 1 lot (1,200 shares) made a profit of ₹25,200.

Nexxus Petro Industries Ltd., a rapidly growing provider of Bitumen (Asphalt) solutions, had a robust start to its stock market journey by debuting at ₹126 per share on the BSE SME platform. This represented a 20% premium over its issue price of ₹105. Within minutes of the listing, the stock gained momentum, hitting the upper circuit of ₹132.30, showcasing strong investor confidence.

For retail investors who secured a minimum of 1 lot or 1,200 shares, the listing day brought significant gains. With the stock price rising to ₹132.30, these investors realized an immediate profit of ₹25,200 on their initial investment of ₹1,26,000.

Nexxus Petro Industries operates in a vital segment of the Indian economy, supplying high-quality Bitumen, Bitumen Emulsions, and Special Bituminous Allied Products. The company serves a wide array of clients, including infrastructure and construction companies, government entities, road authorities, and the Bitumen industry as a whole.

The Nexxus IPO was a Book Built Issue amounting to ₹19.42 crores, consisting entirely of a Fresh Issue of 18.50 lakh shares. The IPO subscription period ran from September 26, 2024, to September 30, 2024. The company has successfully allocated shares at a price of ₹105 per share, with the stock listing taking place on October 4, 2024.

The price band for the Nexxus IPO was set at ₹105 per share, with a minimum lot size of 1,200 shares, requiring an initial investment of ₹1,26,000 for retail investors. High-Net-Worth Individuals (HNIs) needed to invest in a minimum of 2 lots, amounting to ₹2,52,000.

The book-running lead manager for this IPO was SRUJAN ALPHA CAPITAL ADVISORS LLP, while KFIN TECHNOLOGIES LIMITED acted as the registrar. The market maker for Nexxus is Gretex Share Broking Limited.

IPO Financials and Market Sentiment

Nexxus has been positioned as a promising company, with a strong focus on expanding its foothold in India's Bitumen market. However, the Grey Market Premium (GMP) for the Nexxus Petro Industries IPO was negligible leading up to the listing. The GMP reflects sentiment in the unofficial market before an IPO’s listing, but in this case, the company’s financial performance and growth potential may have been key factors behind the stock’s success on listing day.

IPO Subscription and Allotment Details

The Nexxus Petro Industries IPO was oversubscribed, with a subscription rate of 8.03 times as of the final day of bidding. Investors keen on checking their allotment status can do so on the official registrar website, following these steps:

Navigate to the IPO allotment status page.

Select "Nexxus Petro Industries Limited IPO" from the dropdown list.

Enter your application number, PAN, or DP Client ID.

Submit the details to see your allotment status.

The allotment of shares was finalized on October 1, 2024, and investors could verify their allotment on the registrar’s website. With the strong subscription and listing performance, Nexxus has solidified its market presence and is expected to leverage the IPO proceeds for expansion.

Objectives of Nexxus Petro Industries IPO

The primary objectives for raising funds through the Nexxus IPO include:

Funding working capital requirements to meet the growing demand for its products and services. A total of ₹1,600.00 Lakhs has been allocated for this purpose.

The remaining ₹148.63 Lakhs will be used for general corporate purposes, helping to streamline operations and ensure sustained growth in the competitive bitumen sector.

Company Overview

Founded with a mission to revolutionize the bitumen sector, Nexxus Petro Industries Ltd. has emerged as a key player in the bitumen and asphalt solutions space in India. The company's commitment to quality and innovation has earned it a robust clientele, including government road authorities and leading infrastructure firms.

The company’s growth trajectory can be attributed to its high-quality manufacturing processes, strategic expansion plans, and focus on catering to large-scale projects across Bharat (India). In addition to supplying bitumen and allied products, Nexxus has been actively involved in the import and distribution of high-quality bitumen to various markets.

Leadership and Vision

Under the leadership of a visionary management team, Nexxus has been able to achieve steady financial growth. The company's well-defined growth strategy focuses on expanding its production capacity, increasing market share, and enhancing customer satisfaction by providing top-notch products.

Future Prospects

With its listing on the BSE SME, Nexxus is well-positioned to capitalize on the growing demand for bitumen solutions in India's infrastructure development projects. The IPO proceeds will significantly enhance the company's ability to meet the growing demand in the bitumen sector.

Given the steady rise in infrastructure development projects across India, the demand for bitumen and asphalt solutions is projected to grow steadily. Nexxus Petro Industries stands to benefit from this trend, positioning itself as a leading supplier of bitumen products in the region.

The Finance Saathi IPO List 2024 - Mainline and SME Dashboard provides latest IPO information, latest IPO news, Upcoming IPO News, IPO Details, subscription status, IPO GMP and IPO Review of Upcoming IPO, Active IPO, and Listed IPOs at one place. Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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