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The scrip was listed at Rs 64, matching the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price. The counter hit a high of Rs 64 and a low of Rs 60.80. About 16.34 lakh shares of the company changed hands at the counter. Phoenix Overseas' IPO was subscribed 119.22 times. The issue opened for bidding on 20 September 2024 and it closed on 24 September 2024. The price band of the IPO was set at Rs 61 to Rs 64 per share. The issue size comprised fresh issue of 45,80,000 and offer for sale (OFS) of 10,50,000 shares by existing promoters, Aparesh Nandi, Uday Narayan Singh and Jayanta Kumar Ghosh. The company intends to utilize the net proceeds to meet working capital requirement, pursuing inorganic growth initiatives and general corporate purpose. Phoenix Overseas is a B2B trading company that specializes in trading and exporting animal feeds, agricultural produce and commodities like corn, oil cakes, spices, and food grains. It import lentils, black urad dal, and tur dal in India and export to Bangladesh. The company also produces belts, wallets for men, purses for women, and small and large leather bags for customers based out in Europe, including France, Italy, Germany, the United Arab Emirates, and Australia. It also offers food preservation services, having acquired a multipurpose cold storage facility and a warehouse with a capacity of over 10,000 MT for corn, oil cakes, and other commodities near the Indo-Bangladesh Border. The company has 29 employees. The company recorded revenue from operations of Rs 548.37 crore and net profit of Rs 5.38 crore for the period as of 31 March 2024. Powered by Capital Market - Live News |