NSE SME Petro Carbon and Chemical surge in upbeat market debut

Shares of Petro Carbon and Chemicals were quoting at Rs 315 on the NSE, a premium of 84.21% compared with the issue price of Rs 171.

The scrip was listed at Rs 300, a premium of 75.44% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 315 and a low of Rs 285. About 32.74 lakh shares of the company changed hands at the counter.

Petro Carbon and Chemicals' IPO was subscribed 60.32 times. The issue opened for bidding on 24 June 2024 and it closed on 27 June 2024. The price band of the IPO was fixed at Rs 161 to 171 per share.

The entire IPO comprises of offer for sale (OFS) of upto 66,17,600 equity shares. The promoters, Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, Bharat Atha sold 13,23,520 shares each through the OFS.

Ahead of the IPO, Petro Carbon and Chemicals on 24 June 2024, raised Rs 31.72 crore from anchor investors. The board allotted 18.55 lakh shares at Rs 171 per share to 5 anchor investors.

Petro Carbon and Chemicals (PCCL) is engaged in the business of manufacturing and marketing of Calcined Petroleum Coke (CPC). The companys business model is fundamentally a B2B model wherein we majorly supply our end product CPC, to the renowned, aluminum manufacturing government companies, graphite electrodes and titanium dioxide manufacturers as well as other users in the metallurgical, chemical industries and other steel manufacturing companies. As on 31 December 2023, the company has 73 employees.

The company recorded revenue from operations of Rs 445.70 crore and net profit of Rs 70.31 crore for the period as on 31 December 2023.

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