Arabian Petroleum shares list with over 10% premium at ₹77.4 apiece on NSE SME | Mint - Mint
Arabian Petroleum shares list with over 10% premium at ₹77.4 apiece on NSE SME | Mint
Arabian Petroleum IPO LIsting: Arabian Petroleum made a decent stock market debut on Monday in an otherwise weak market. Arabian Petroleum shares were listed at ₹77.40 apiece on NSE SME, a premium of 10.57% to the issue price of ₹70 per share.Arabian Petroleum IPO had received strong response from investors as the issue was subscribed 19.91 times during the subscription period. The public issue was subscribed by a robust 23.19 times in the retail category and 15.72 times in the Other category.Read here: Arabian Petroleum IPO Day 3: Issue subscribed 20 times on last day; retail portion booked 23xArabian Petroleum IPO bidding started from September 25, 2023 and ended on September 27, 2023. Arabian Petroleum IPO is entirely a fresh issue of 28.92 lakh shares aggregating to ₹20.24 crore. The IPO price was ₹70 per share and the minimum lot size was 2,000 shares.Arabian Petroleum IPO allotment was finalized on October 5, 2023.(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)Hem Securities Limited is the book running lead manager of the Arabian Petroleum IPO, while Purva Sharegistry India Pvt Ltd is the IPO registrar.Arabian Petroleum manufactures a wide range of lubricants including Specialty Oils, Coolants, etc., which are used for application in automobiles and industrial machines and appliances.The company intends to utilize the net proceeds from the issue towards the funding working capital requirements and general corporate purpose.Catch Live Market Updates here
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.