Arabian Petroleum’s Initial Public Offering (IPO) commenced its subscription on September 25, garnering a 16% subscription on the first day. The IPO aims to raise Rs 20.24 crore, offering 4.34 lakh shares out of the 27.44 lakh shares available. The fixed price issue has each share priced at Rs 70. Interested investors have until September 27 to participate. A total of 28.92 lakh fresh equity shares are being issued under this IPO.
In subscription details, the IPO has received a 15% subscription so far, with retail investors showing the most interest, subscribing to 31% of their reserved portion. On the other hand, the reserved portion for non-institutional buyers has received only a 1% subscription.
Key Details and Subscription Update of Arabian Petroleum IPO
The IPO’s lot size is set at 2000 shares, allowing investors to bid in multiples. To participate, investors need to invest at least Rs 140,000. Of the total shares offered, 1,372,000 equity shares are reserved for Non-Institutional Investors (NII) and Retail Investors (RII) categories, while the remaining 148,000 equity shares are reserved for market makers. Arabian Petroleum shares are scheduled to be listed on the NSE Emerge platform.
Arabian Petroleum is a prominent lubricant manufacturer in India with an annual manufacturing capacity of 40,590 kiloliters. The company boasts a robust distribution network comprising 400 dealers and 9 depots, providing lubricants for both industrial and automobile applications. Notably, the company also extends its services to government sector clients, including Indian Armed Forces, BHEL, BEML, Railways, and BEL. The IPO is managed by HEM Securities, with Purva Shareregistry India Private Limited serving as the official registrar.
