Arabian Petroleum IPO Opens for Subscription

Arabian Petroleum IPO Opens for Subscription

VoM News Desk | September 25, 2023 | 03:29 PM IST | Breaking News | Follow on Google News

Arabian Petroleum IPO Opens for Subscription

Arabian Petroleum Ltd, a manufacturer of automotive and industrial lubricants, has opened its initial public offering (IPO) for public subscription on September 25, 2023. The company produces a wide range of lubricants, including specialty oils and coolants, for various applications in automobiles and industrial machinery.

Key Details of Arabian Petroleum IPO:

• IPO Subscription Period: September 25 to September 27, 2023
• Basis of Allotment: Expected on October 4, 2023
• Refunds Initiation: Expected on October 5, 2023
• Credit of Shares: Expected on October 6, 2023
• Listing on NSE SME: October 9, 2023

Arabian Petroleum’s IPO is an entirely fresh issue, consisting of 28.92 lakh shares, amounting to ₹20.24 crore. The price band for the issue is set at ₹70 per share, and the lot size is 2,000 shares, requiring a minimum investment of ₹140,000 for retail investors.

The book running lead manager for the IPO is Hem Securities, and Purva Sharegistry India Pvt Ltd is the IPO registrar.

Subscription Status: On the first day of its subscription, Arabian Petroleum IPO received strong interest from investors, with the public issue being oversubscribed by 1.35 times. As of 2:55 pm, the IPO received bids for 37 lakh equity shares against 27.44 lakh shares offered. The retail category was subscribed 37%, and the Non-Institutional Investors’ (NII) category saw a subscription of 1.43 times.

Grey Market Premium (GMP): Arabian Petroleum IPO’s grey market premium today stands at ₹0 per share. This indicates that shares are trading at their issue price of ₹70 apiece in the grey market, without any premium or discount.

Investors are closely watching the subscription trend of Arabian Petroleum’s IPO as it progresses through the subscription period.

VoM News Desk

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