Mon Sep 30 19:21:04 UTC 2024: ## Nexxus Petro Industries IPO Opens for Bidding on Sept 26, Aiming for Rs 19.43 Crore

**Mumbai, September 21, 2023:** Nexxus Petro Industries Ltd., a leading player in the petrochemical sector, is set to launch its initial public offering (IPO) on September 26th. The fixed-price offering comprises 18.5 lakh shares, aiming to raise Rs 19.43 crore.

Investors can subscribe to the IPO until September 30th, with a price band set at Rs 105 per share. Retail investors can participate with a minimum lot size of 1,200 shares, amounting to Rs 1,26,000.

Kfin Technologies Ltd. will act as the registrar for the IPO, while Srujan Alpha Capital Advisors LLP will serve as the book running lead manager. Gretex Share Broking Ltd. has been appointed as the market maker.

The share allotment is expected to be finalized on October 1st, with refunds for non-allottees and credit of shares to successful bidders commencing on October 3rd. Shares of Nexxus Petro Industries Ltd. are expected to be listed on the BSE SME platform on October 4th.

The company, established in October 2021, specializes in trading, manufacturing, and selling petrochemical products, primarily bitumen and its derivatives. Nexxus Petro Industries caters to a diverse clientele including infrastructure and construction companies, government agencies, and road authorities.

The IPO proceeds will be utilized to fund working capital requirements and for general corporate purposes. The company has demonstrated impressive growth, with a revenue increase of 66.89% to Rs 238.37 crore in fiscal 2024, and a 74% rise in profit after tax to Rs 3.48 crore.

The IPO’s grey market premium was reported as nil as of Thursday morning, indicating a flat listing. Investors should be aware that the grey market premium is an unofficial estimate and does not guarantee the actual listing price.

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