Nexxus Petro Industries share price makes a positive debut, stock opens with 20% premium at ₹126 apiece on BSE SME

Nexxus Petro Industries share price made a positive debut on BSE SME today. Nexxus Petro Industries share price today opened at ₹126, which is 20% higher than the issue price of ₹105.

The Nexxus Petro Industries IPO subscription period started on Thursday, September 26, and ended on Monday, September 30. The price band for each share of the IPO is ₹105, with a face value of ₹10. There were multiple shares available, and bidders could apply for a minimum of 1200 shares. Nexxus Petro Industries IPO subscription status was 8.44 times on the last bidding day.

The company is involved in the production, distribution, and trade of Bitumen products under the Petrochem brand. The company's product is extensively utilised in the road building business, which is part of the infrastructure sector. Their product line consists of several grades of bitumen, which are categorised according to each grade's viscosity and associated characteristics. They now import bitumen from Dubai in addition to buying it from other Indian local importers and dealers. The bitumen is subsequently processed by the business at its processing facilities in Mundra, Gujarat; Pali, Rajasthan; and Bhopal, Madhya Pradesh.

As per the Prospectus, the company's sole peer is Agarwal Industrial Corporation Ltd (with a P/E of 28.29).

Between the fiscal year ending on March 31, 2024, and March 31, 2023, Nexxus Petro Industries Limited had a 67% rise in sales and a 73% increase in profit after tax (PAT).

Nexxus Petro Industries IPO details

Nexxus Petro Industries IPO, valued ₹19.43 crore, includes a fresh issuance of 1,850,400 equity shares with a face value of ₹10. There is no "offer for sale" component.

In order to finance its working capital needs as well as general business reasons, the firm plans to use the net proceeds.

Srujan Alpha Capital Advisors Llp serves as the book running lead manager for the Nexxus Petro Industries IPO, with Kfin Technologies Limited acting as the registrar for the offering. Gretex Share Broking has been appointed as the market maker for the Nexxus Petro Industries IPO.

Nexxus Petro Industries IPO GMP today

Nexxus Petro Industries IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹105 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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