Phoenix Overseas was incorporated on December 31, 2002. The company trades and markets animal feeds, agricultural produce, and commodities such as corn, oil cakes, spices, grains, pulses, and agricultural feed. It also imports lentils, black urad dal, and tur dal in bulk. Additionally, the company manufactures men's and women's bags made of jute, cotton, canvas, leather, and various fashion accessories.
| Bidding Dates |
|---|
| 20 Sep 2024 - 24 Sep 2024 |
| Subscription |
|---|
| 115.11x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,22,000 | 1 | 1 | 2000 | 5.6 M | ₹61 - ₹64 | 70.26 % | ₹343.4 M - ₹360.3 M | RHP DOC |
Phoenix Overseas Ltd. IPO SUBSCRIPTION STATUS
24 Sep '24Phoenix Overseas Ltd. IPO overall subscription rate was 115.11 times the total available shares
Phoenix Overseas Ltd. IPO retail subscription rate was 140.98 times in the retail segment
Phoenix Overseas Ltd. IPO non-institutional investor subscription rate was 108.21 times in the non-institutional investor category
Phoenix Overseas Ltd. IPO Qualified Institutional Bidder subscription rate was 62.43 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 42% | 43% | 15% |
24 Sep 2024 (Day 3) | 140.98x | 108.21x | 62.43x |
23 Sep 2024 (Day 2) | 33.23x | 6.39x | 1.02x |
20 Sep 2024 (Day 1) | 1.83x | 0.18x | 1.02x |
Phoenix Overseas Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 53.8 | 5,483.7 | -61.1 | -76.7 | 2.4% |
| FY23 | 37.1 | 4,509.7 | 404.3 | 397.8 | 2.7% |
| FY22 | 39.0 | 3,773.0 | -34.4 | -43.2 | 2.5% |
Phoenix Overseas Ltd. IPO SUBSCRIPTION STATUS DETAILS
Phoenix Overseas Ltd. had 5.6 M shares on offer
Phoenix Overseas Ltd. IPO offer price was in the range ₹61 - ₹64
Phoenix Overseas Ltd. IPO minimum Investment was ₹122000
Phoenix Overseas Ltd. IPO issue size was ₹ 343.4 M - ₹ 360.3 M
Phoenix Overseas Ltd. had a minimum lot size of 2000 Shares per application
Phoenix Overseas Ltd. NUMBER OF SHARES ON OFFER
Phoenix Overseas Ltd. IPO IMPORTANT DATES
| Issue Open Date | 20 Sep 2024 |
| Issue close Date | 24 Sep 2024 |
| Allotment Date | 25 Sep 2024 |
| Refund Date | 26 Sep 2024 |
| Demat Account Credit Date | 26 Sep 2024 |
| Listing Date | 27 Sep 2024 |
| Listing on Exchange(s) | NSE |
| Phoenix Overseas Ltd. Allotment Status | Exchange |
Phoenix Overseas Ltd. IPO subscription opened on 20 Sep 2024, and closed on 24 Sep 2024
IPO allotment for Phoenix Overseas Ltd. was finalized on Wednesday, 25 Sep 2024
IPO listing for Phoenix Overseas Ltd. was on NSE on Friday, 27 Sep 2024
Phoenix Overseas Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 64.0 |
| Listing Open Price | 64.0 |
| Listing Close Price | 60.8 |
| Listing Gain% | 0.0% |
| Current Gain% | -74.4% |
Phoenix Overseas Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Phoenix Overseas Ltd. | 16.4 | 31.7 | 9.2 | -0.4 | 0.1 | 4.2 | 2.3 | 613.1 | 25.1 | 3.4 | -25 | 1.8 | -25 |
| Adani Enterprises Ltd. | 3020 | 408730.2 | 54.9 | 3.3 | 3.7 | 11.5 | 3.6 | 102943.2 | 2.6 | 9339.5 | 31.6 | 55 | 16.7 |
| Redington Ltd. | 354.8 | 27741.3 | 16.3 | 4 | 0.2 | 14.7 | 4.4 | 119347.4 | 19.9 | 1490.2 | -7.1 | 21.8 | 4.1 |
| Lloyds Enterprises Ltd. | 83.5 | 12611.6 | 44.5 | 0.1 | 7.2 | 6.8 | 3.9 | 2183.7 | 39 | 283.4 | 396.5 | 1.9 | 396.5 |
| Swan Corp Ltd. | 308 | 9656 | 35.2 | -0.6 | 2.2 | 3.6 | 2 | 5143.5 | -25.3 | 274.1 | -63.7 | 8.7 | -63.7 |
| MMTC Ltd. | 64 | 9597 | 24.8 | 0.1 | 2814.4 | 18.3 | 13.8 | 180.6 | -31.3 | 387.4 | 347.2 | 2.6 | 347.2 |
Phoenix Overseas Ltd. INFORMATION ON IPO ISSUE
About Phoenix Overseas Ltd.
Phoenix Overseas was incorporated on December 31, 2002. The company trades and markets animal feeds, agricultural produce, and commodities such as corn, oil cakes, spices, grains, pulses, and agricultural feed. It also imports lentils, black urad dal, and tur dal in bulk. Additionally, the company manufactures men's and women's bags made of jute, cotton, canvas, leather, and various fashion accessories.
Object of the Issue
- Funding the working capital requirements.
- Pursuing inorganic growth initiatives.
- General corporate purposes.
Phoenix Overseas Ltd. - PROMOTERS
| Name |
|---|
| Aparesh Nandi |
| Uday Narayan Singh |
| Jayanta Kumar Ghosh |
| Kanhai Singh Welfare Trust |
| BCPL Railway Infrastructure Limited |
| AN Dealers LLP |
| JKG Commercial LLP |
| UNS Commercial LLP |
| Tricon Logistics Engineering Consultancy Private Limited |
Phoenix Overseas Ltd. Lead Manager of the Issue
Khandwala Securities Limited
ipo@kslindia.com
Phoenix Overseas Ltd. Registrar to the issue
Cameo Corporate Services Limited
priya@cameoindia.com
Phoenix Overseas Ltd. Strengths
Strong presence in agro commodities trading
The company has a strong presence in the agro commodities trading segment, allowing it to strategically switch between exports and imports based on changes in demand or price fluctuations. This approach helps the company avoid lean periods throughout the year
Customer relationship
The company consistently addresses client needs, fostering long-term relationships and improving retention. Its existing client portfolio provides a competitive advantage in attracting new clients and growing the business
Phoenix Overseas Ltd. Risks
Few customers
The company's operations rely heavily on a few customers. In FY24, over 94% of its export revenue came from its top 10 customers, primarily from Bangladesh. Any decline in revenue or sales from these key customers could negatively impact its business and results of operations.
Crop failure
A major revenue source for the company's food preservation division is rental income from potato storage at its cold storage facility in Malda District, West Bengal. A failure of the potato crop in West Bengal, particularly around Malda, would negatively impact company's operations and financial conditions
Third-party transporters
The company relies on third-party transportation providers for delivering agricultural produce from suppliers and products to customers. Without formal contracts with these providers, any failure on their part to meet obligations could impact the company's business and operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 6.7 crore, of 1,050,000 shares. It also consists of a fresh issue of Rs 29.3 crore.
The promoters of the company are Aparesh Nandi, Uday Narayan Singh, Jayanta Kumar Ghosh, Kanhai Singh Welfare Trust, BCPL Railway Infrastructure Limited, AN Dealers LLP, JKG Commercial LLP, UNS Commercial LLP and Tricon Logistics Engineering Consultancy Private Limited.
The category allocation of qualified institutional buyers is 15.0%, the category allocation of non individual investors or high networth individuals is 43.0% and for retail investors it is 42.0%.
The price band of the IPO is Rs 61.0 - 64.0.
The IPO application opens on Sep 20, 2024 and closes on Sep 24, 2024.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 122,000.0, the maximum value for this IPO is Rs 128,000.0.
This IPO will be allotted on Sep 25, 2024.
The refund will be credited to your account on Sep 26, 2024.
The allotted shares will be credited to your demat on Sep 26, 2024.
Phoenix Overseas Ltd.’s shares listed on the stock exchanges on Sep 27, 2024.