New Delhi, June 4 (H.S.): Neptune Petrochemicals, a manufacturer of tar and related products, has successfully debuted on the stock market with its shares issued at ₹122 in the IPO. The listing price reached ₹132.75 on the NSE's SME platform, reflecting a premium of 8.81%. Following the listing, buying activity propelled the stock to ₹137 by 11:15 AM, marking a 12.30% gain for IPO investors. The IPO raised ₹73.20 crores and was open for subscription from May 28 to 30, requiring a minimum bid of two lots of 1,000 shares each, which limited retail participation. Overall, the IPO was subscribed 4.11 times, with the QIB segment at 7.12 times and NIIs at 2.91 times. Six million new shares with a ₹10 face value were issued. Proceeds will fund office space, machinery, working capital, and corporate needs. The company's financial health shows improvement, with net profit rising from ₹68 lakh in 2021-22 to ₹20.82 crores in 2023-24, despite fluctuating revenues of ₹82.16 crores, ₹709.31 crores, and ₹675.97 crores in the same period. For the first three quarters of 2024, net profit was ₹19.47 crores with revenue of ₹620.16 crores.

Hindusthan Samachar / Jun Sarkar