Arabian Petroleum Makes Strong Debut on NSE SME

Arabian Petroleum Makes Strong Debut on NSE SME

VoM News Desk | October 9, 2023 | 12:39 PM IST | Breaking News | Follow on Google News

Arabian Petroleum Makes Strong Debut on NSE SME

Arabian Petroleum Makes Strong Debut on NSE SME

Arabian Petroleum, a company that manufactures a diverse range of lubricants, including Specialty Oils and Coolants for use in automobiles and industrial machinery, marked its stock market debut on Monday, displaying resilience in an otherwise subdued market. The shares of Arabian Petroleum were listed on the NSE SME platform at ₹77.40 per share, representing a premium of 10.57% over the issue price of ₹70 per share.

Strong Investor Response During IPO

The initial public offering (IPO) of Arabian Petroleum garnered substantial interest from investors, with the issue being oversubscribed by a staggering 19.91 times during the subscription period. Notably, the retail category saw an even stronger response, with an oversubscription of 23.19 times, while the Other category witnessed an oversubscription of 15.72 times.

The bidding for the Arabian Petroleum IPO commenced on September 25, 2023, and concluded on September 27, 2023. The IPO, exclusively comprising a fresh issue of 28.92 lakh shares, amounting to ₹20.24 crore, was priced at ₹70 per share. The minimum lot size for the IPO was set at 2,000 shares. The allotment of Arabian Petroleum IPO shares was finalized on October 5, 2023.

Use of Proceeds and Key Players

Arabian Petroleum intends to utilize the net proceeds generated from the IPO to support its working capital requirements and for general corporate purposes. Hem Securities Limited played the role of the book running lead manager for the Arabian Petroleum IPO, while Purva Sharegistry India Pvt Ltd served as the IPO registrar.

The successful IPO and a premium stock market debut demonstrate investor confidence in Arabian Petroleum’s business and its prospects in the lubricants industry. As the company focuses on its growth trajectory, the infusion of funds from the IPO is expected to contribute significantly to its future endeavors.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.