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Business News/ Markets / Ipo/  Arabian Petroleum IPO Day 2: Issue subscribed 4.10 times; retail portion booked 4.56x
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Arabian Petroleum IPO Day 2: Issue subscribed 4.10 times; retail portion booked 4.56x

Arabian Petroleum IPO is entirely a fresh issue of 28.92 lakh shares aggregating to ₹20.24 crore. The IPO price band is fixed at ₹70 per share.

Arabian Petroleum IPO is a fixed price issue and an SME IPO that will remain open till September 27. (Image: Company Website)Premium
Arabian Petroleum IPO is a fixed price issue and an SME IPO that will remain open till September 27. (Image: Company Website)

Arabian Petroleum IPO: The initial public offering (IPO) of Arabian Petroleum Ltd, the automotive and industrial lubricants manufacturer, opened for public subscription on Monday, September 25.

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.

Arabian Petroleum IPO is a fixed price issue and an SME IPO that will remain open till September 27.

Here are key details, subscription status and GMP of Arabian Petroleum IPO:

Arabian Petroleum IPO Subscription Status

Arabian Petroleum IPO received decent response from investors as the public issue has been subscribed 4.10 times on Tuesday, the second day of the bidding process. The IPO received bids for 1,12,52,000 equity shares as against 28.92 lakh shares offered, according to chittorgarh.com

The IPO has been subscribed 4.56 times in the retail category and 2.74 times in the Non-Institutional Investors’ (NII) category.

Also Read: Sunita Tools IPO: GMP, subscription status, other details about BSE SME issue

Arabian Petroleum IPO GMP Today

Arabian Petroleum IPO GMP today, or grey market premium today, is 20 per share, as per market observers. This means that Arabian Petroleum shares are trading at a premium of 20 per share, which is 28.57% to their issue price, in the grey market.

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Arabian Petroleum IPO Details

Arabian Petroleum IPO opened for subscription on September 25 and will close on September 27. The company is likely to fix the basis of IPO allotment on October 4 and initiate refunds on October 5, while credit share on October 6.

Arabian Petroleum shares are proposed to be listed at NSE SME on October 9.

Also Read: JSW Infrastructure IPO: Latest GMP, subscription status, buy or not?

Arabian Petroleum IPO is entirely a fresh issue of 28.92 lakh shares aggregating to 20.24 crore. The price band for the issue is fixed at 70 per share.

The IPO lot size is 2,000 shares and the minimum investment amount required by retail investors is 140,000.

The book running lead manager of the Arabian Petroleum IPO is Hem Securities, while Purva Sharegistry India Pvt Ltd is the IPO registrar.

Read all IPO-related news here

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 25 Sep 2023, 02:57 PM IST
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