Petro Carbon IPO booked 91.81x on day 3: Retail and NII fully subscribed; check GMP, other key details

Petro Carbon IPO: Subscriptions for the Petro Carbon and Chemicals IPO opened on Tuesday, June 25, and will run through Thursday, June 27. There are 800 shares in the Petro Carbon IPO lot size. With a face value of ₹10, the Petro Carbon IPO price band has been set between ₹162 and ₹171 per equity share.

Petro Carbon and Chemicals Limited is a ATHA Group Company engaged in the business of manufacturing and marketing of Calcined Petroleum Coke in the carbon industry. Atha Group is a multi-product, multi-technology, multi-location business conglomerate.

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

The company's business model is fundamentally a B2B model wherein we majorly supply our end product Calcined Petroleum Coke, to the renowned, aluminum manufacturing government companies, graphite electrodes and titanium dioxide manufacturers as well as other users in the metallurgical, chemical industries and other steel manufacturing companies.

According to red herring prospectus (RHP), 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).

Between March 31, 2022, and March 31, 2023, Petro Carbon and Chemicals profit after tax (PAT) climbed by 17.8% while its revenue increased by 84.92%.

Petro Carbon IPO subscription status

Petro Carbon IPO subscription status is 91.81 times, on day 2, so far.

The retail portion was subscribed 73.94 times, and NII portion was booked 129.90 times. Qualified Institutional Buyers was booked 94.49 times.

The company has received bids for 39,77,00,800 shares against 43,32,000 shares on offer, at 16:49 IST, according to data on chittorgarh.com.

Petro Carbon IPO subscription status was 2.36 times, on day 1, and the issue was subscribed 7.74 times on day 2.

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Petro Carbon IPO details

The Petro Carbon and Chemicals IPO, worth ₹113.16 crore, is completely an  offer-for-sale (OFS) under which the promoter selling shareholders, Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, and Bharat Atha will offload shares. 

Achieving the benefits of listing the equity shares on stock exchanges and carrying out the selling shareholders' offer to sell up to equity shares are the two main goals of the offer.

The registrar for the Petro Carbon and Chemicals IPO is Bigshare Services Pvt Ltd, while the book running lead manager is GYR Capital Advisors Private Limited. Giriraj Stock Broking is the market maker for Petro Carbon and Chemicals IPO.

Also Read: Divine Power IPO Day 1: Issue fully booked on strong retail, NII demand; check GMP, subscription status, key dates.

Petro Carbon and Chemicals IPO GMP today

Petro Carbon IPO GMP today is +100. This indicates Petro Carbon share price were trading at a premium of ₹100 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Petro Carbon IPO expected listing price was indicated at ₹271 apiece, which is 58.48% higher than the IPO price of ₹171.

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

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