Phoenix Overseas Limited to Launch Rs 36.03 Crore IPO on NSE Emerge

Phoenix Overseas Limited, a company specializing in agricultural commodities and fashion accessories, is set to open its Initial Public Offering on September 20, 2024. The IPO aims to raise Rs 36.03 Crores. The funds will be allocated for working capital, growth initiatives, and corporate purposes.

Phoenix Overseas Limited, based in Mumbai, Maharashtra, is gearing up to launch its Initial Public Offering (IPO) aimed at raising Rs 36.03 Crores. The IPO will open on September 20, 2024, and the shares are set to be listed on the NSE Emerge platform.

The company plans to issue up to 56,30,000 equity shares with a face value of Rs 10 each. Of these, 8,02,000 shares are allocated for Qualified Institutional Buyers, at least 23,00,000 shares for Non-Institutional Investors, 22,46,000 shares for Retail Individual Investors, and 2,82,000 shares for Market Makers.

The proceeds from the IPO will be utilized for funding working capital requirements, pursuing inorganic growth initiatives, and general corporate purposes. The IPO will close on September 24, 2024. Khandwala Securities Limited will act as the Book Running Lead Manager, while Cameo Corporate Services Limited will serve as the Registrar.

Aparesh Nandi, Chairman and Managing Director of Phoenix Overseas Limited, stated, "The upcoming IPO marks a significant milestone in our journey, helping us expand our presence in emerging markets and enhance our global reach."

Rinav Manseta, Associate Director of Khandwala Securities Limited, added, "This IPO is a crucial opportunity for Phoenix Overseas to drive expansion and innovation amid robust industry growth."

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(With inputs from agencies.)