Phoenix Overseas Limited IPO Opens on September 20, 2024

PNN
Mumbai (Maharashtra) [India], September 19: Phoenix Overseas Limited excels in trading and manufacturing agricultural commodities, animal feeds, fashion accessories, and food preservation, proposes to open its Initial Public Offering on September 20, 2024, aiming to raise Rs 36.03 Crores with shares to be listed on the NSE Emerge platform.
The issue size is Up To 56,30,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyer - 8,02,000 Equity Shares
* Non-Institutional Investors - At Least 23,00,000 Equity Shares
* Retail Individual Investors - At Least 22,46,000 Equity Shares
* Market Maker - 2,82,000 Equity Shares
The net proceeds from the IPO will be utilized for Funding of working capital requirements, Pursuing Inorganic Growth Initiatives and the general corporate purpose. The issue will close on September 24, 2024.
The Book Running Lead Manager to the Issue is Khandwala Securities Limited, and The Registrar to the Issue is Cameo Corporate Services Limited
Aparesh Nandi, Chairman and Managing Director of Phoenix Overseas Limited, expressed, "As the company prepares for its IPO, we are proud to reflect on our journey and achievements. From being recognised as a Three-Star Export House by the Ministry of Commerce and Industry, Government of India, we have built a diversified business spanning agricultural exports, jute and fashion accessory manufacturing, and food preservation.
The upcoming IPO marks a significant milestone in our journey. It will fuel our future growth by allowing us to strengthen our presence in emerging markets, expand our product portfolio, and enhance our global reach. With a solid foundation in agricultural exports, jute manufacturing, and cold storage solutions, we are well-positioned to scale our operations, drive innovation, and capitalize on new opportunities in an ever-evolving global landscape. This move will reinforce our commitment to delivering consistent value while positioning us for long-term success."
Rinav Manseta, Associate Director of Khandwala Securities Limited said, "Phoenix Overseas Limited is set for an exciting leap forward with their upcoming IPO. This move represents a crucial opportunity to drive further expansion and innovation, particularly as the industry experiences robust growth. The company has consistently showcased impressive progress across its diverse business segments, from merchant export and manufacturing to food preservation.
This IPO will provide the necessary capital to strengthen their financial foundation, fuel strategic acquisitions, and support long-term business objectives. We are confident that the company is well-positioned to capitalize on these industry trends and achieve continued success, and we look forward to being part of their journey as they enter this new phase."
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)