Mon Sep 30 19:49:53 UTC 2024: ## Nexxus Petro Industries IPO Opens with Lukewarm Demand on Day 1

**Mumbai, India:** The initial public offering (IPO) of Nexxus Petro Industries Limited, a bitumen trading and manufacturing company, opened for subscription on September 26th, but saw only lukewarm demand on its first day. The BSE SME issue, with a fixed price of ₹105 per share, was booked at only 70% across investor categories, despite the retail portion being fully subscribed.

The IPO, aiming to raise ₹19.43 crore, received bids for over 12.31 lakh shares against the 17.56 lakh shares on offer. Retail investors, who can apply for a minimum lot size of 1,200 shares, showed significant interest, subscribing 1.3 times their allotted quota. However, Non-Institutional Investors (NIIs) only booked 9.9% of their reserved portion.

The subscription window for the IPO will remain open until September 30th. The share allotment is expected to be decided on October 1st, with refunds being initiated on October 3rd for unsuccessful bidders and shares being credited to successful bidders’ Demat accounts on the same day. The company’s shares are expected to be listed on the BSE SME platform on October 4th.

Nexxus Petro Industries, incorporated in 2021, operates three manufacturing units in Gujarat, Rajasthan, and Madhya Pradesh. The company aims to utilize the funds raised through the IPO for working capital requirements and general corporate purposes. Notably, the company’s revenue grew by over 66% in FY24 compared to FY23, while its profit-after-tax increased by 74%.

**Investors are advised to carefully review the company’s prospectus and consult with their financial advisors before making any investment decisions.**

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