Petro Carbon and Chemicals IPO to open on June 25; price band fixed at ₹162-171 apiece

The Petro Carbon and Chemicals Limited IPO price band has been set at ₹162 to ₹171 per equity share, with a face value of ₹10 each. The Petro Carbon and Chemicals IPO will begin subscriptions on Tuesday, June 25, and end on Thursday, June 27. The floor price is 16.2 times of the face value and the cap price is 17.1 times of the face value of the equity shares. Bids can be placed for a minimum of 800 equity shares and in increments of 800 equity shares after that.

The Petro Carbon and Chemicals IPO has allocated 50% of its net offer to qualified institutional buyers (QIBs), 35% to retail investors, 15% to non-institutional investors, and 6.50% to market makers.

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According to the Red Herring Prospectus (RHP), the company manufactures and markets calcined petroleum coke ("CPC") in the carbon industry. The Atha Group is a corporate conglomerate with several products, technologies, and locations. It is a 70-year-old diverse Indian commercial conglomerate based in Kolkata. The Group was started in 1957 in Odisha as a mining and mineral firm. Since the previous decade, the company has focused on its growth strategy of business diversification, forward and backward integrations, and project acquisition, which has greatly contributed to the group's stability in performance and growth.

The company's listed peers are Goa Carbon Ltd (with a P/E of 8.76), and India Carbon Ltd (with a P/E of 13.85). 

Petro Carbon and Chemicals Limited's revenue climbed by 84.92%, while profit after tax (PAT) increased by 17.8% during the fiscal years ending March 31, 2023 and March 31, 2022.

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Petro Carbon and Chemicals IPO details

The Petro Carbon and Chemicals IPO, worth ₹113.16 crore, is purely an offer-for-sale of up to 66,17,600 equity shares. 

The promoter selling shareholders are Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, and Bharat Atha. 

The offer's objectives are to reap the benefits of listing the equity shares on stock exchanges and to carry out the offering for sale of up to equity shares by the selling shareholders.

The Petro Carbon and Chemicals IPO is being managed by GYR Capital Advisors Private Limited, with Bigshare Services Pvt Ltd serving as the registrar.

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