NSE SME Nexxus Petro Industries jumps on debut

The scrip was listed at Rs 126, a premium of 20% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 132.30 and a low of Rs 126. About 3.88 lakh shares of the company changed hands at the counter.

Nexxus Petro Industries' IPO was subscribed 8.06 times. The issue opened for bidding on 26 September 2024 and it closed on 30 September 2024. The price of the IPO was set at Rs 105 per share.

The IPO comprised fresh issue of 18,50,400 shares. The promoter and promoter group shareholding diluted to 73.38% from 100% pre-IPO.

The company intends to utilize the net proceeds for working capital requirements of company and general corporate purpose.

Nexxus Petro Industries engaged in trading, manufacturing and selling of petrochem products namely Bitumen products. The company's product is widely used in infrastructure sector being road construction industry. Its range of products includes various grades of Bitumen which are classified on the base of viscosity and related properties of each grades. Bitumen is used for road construction, waterproofing, adhesives, insulation, paints and coating, agriculture and soundproofing. The company has 17 permanent employees.

The company recorded revenue from operations of Rs 237.78 crore and net profit of Rs 3.48 crore for the period as on 31 March 2024.