Phoenix Overseas
Book Building issueSMENSE₹36.03 Cr issue
0.00%
Listing gain over issue price
Issue size
₹36.03 Cr
1 lot at cut-off
₹1,28,000
Lot size
2,000shares
Open
20 Sep 2024
Close
24 Sep 2024
Allotment
25 Sep 2024
Listing
27 Sep 2024
Listing performance
Issue price
₹64
Listed at
₹64
Listing-day close
₹60.80
Latest price
₹15
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-76.56%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Sep 2024 – 24 Sep 2024
- Listing date
- 27 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹64 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹36.03 Cr
- Market cap at offer price
- ₹124 Cr
- Promoter holding
- 99.16% → 70.26% pre-issue → post-issue
- ISIN
- INE0FPO01018
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- 13B Bidhan Sarani, Amherst St, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,82,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹64
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹64 per share
Valuation and performance
Valuation at offer price
₹64 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.72 | 2.84 |
| P/E (×) | 17.20 | 22.54 |
| Market cap | — | ₹124 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.74%
- ROCE
- 15.28%
- Debt / equity
- 0.59
- PAT margin
- 0.98%
- NAV per share
- ₹101.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Phoenix Overseas
Phoenix Overseas Limited, incorporated in 2002 and converted to public limited company in 2011, operates three main business divisions: (1) Merchant Export Division trading agricultural produce and commodities including corn, oil cakes, spices, food grains, pulses and feeds primarily to Bangladesh; (2) Fashion Accessories Division manufacturing bags and wallets made of jute, cotton, canvas and leather for European and Australian markets; (3) Food Preservation Division offering cold storage and potato storage facilities with combined capacity of 11,827 MT in Malda, West Bengal and a warehouse with over 10,000 MT capacity. The company generates revenue through B2B trading with institutional parties, manufacturers, exporters and distributors in bulk quantities.
Company Analysis
from RHPPhoenix Overseas Limited is a B2B trader and exporter of agricultural commodities, food products, fashion accessories, and food preservation services across Asia and Europe.
Phoenix Overseas Limited, incorporated in 2002 and converted to public limited company in 2011, operates three main business divisions: (1) Merchant Export Division trading agricultural produce and commodities including corn, oil cakes, spices, food grains, pulses and feeds primarily to Bangladesh; (2) Fashion Accessories Division manufacturing bags and wallets made of jute, cotton, canvas and leather for European and Australian markets; (3) Food Preservation Division offering cold storage and potato storage facilities with combined capacity of 11,827 MT in Malda, West Bengal and a warehouse with over 10,000 MT capacity. The company generates revenue through B2B trading with institutional parties, manufacturers, exporters and distributors in bulk quantities.
agricultural commodities tradingagricultural produce exportfashion accessories manufacturingfood preservation and cold storageimport-export
Objects of the Issue
- Funding of working capital requirements ₹1,000.00 lakhs p.24
- Pursuing Inorganic Growth initiatives ₹600.00 lakhs p.24
- General corporate purposes [●] lakhs (not to exceed 25% of Gross Proceeds of the Offer) p.24
- Funding working capital requirements ₹1,000.00 Lakhs p.86
- Pursuing inorganic growth initiatives - Investment in Subsidiary for Crude Oil Processing ₹600.00 Lakhs p.89
- General corporate purposes p.86
- Working Capital Management
Issue Structure
- Total Issue
- 56,30,000 Equity Shares of face value INR 10 each aggregating up to INR [●] lakhs
- Fresh Issue
- 45,80,000 Equity Shares aggregating to ₹ [●] lakhs
- Offer for Sale
- 10,50,000 Equity Shares by Aparesh Nandi, Uday Narayan Singh and Jayanta Kumar Ghosh aggregating to INR [●] lakhs
- Price Band
- Floor Price 6.10 times, Cap Price 6.40 times the face value of INR 10 per Equity Share
- Lot Size
- 2,000 Shares
- Face Value
- INR 10 per Equity Share
Business Model
B2B trading of agricultural commodities (corn, oil cakes, spices, food grains, pulses, rice bran de-oiled cake) primarily exported to Bangladesh; manufacturing and exporting of fashion accessories (bags, purses, wallets) to European countries, UAE and Australia; cold storage and food preservation services for apples, oranges, carrots, potatoes, chili, ginger, eggs, fish and ice creams.
Business Segments
Trading and exporting of agricultural produce and commodities such as corn, oil cakes, spices, food grains, pulses and agricultural feed to Bangladesh and other Asian countries; B2B trading with manufacturers, exporters and distributors in bulk quantities
Manufacturing of bags for men and women made of jute, cotton, canvas and leather, as well as purses, wallets and other fashion accessories for buyers in European countries including France, Italy, Germany, UAE and Australia
Cold storage and food preservation services offering storage and preservation solutions for all types of food products including apples, oranges, carrots, potatoes, chili, ginger, eggs, fish, ice creams and sweets; maintains multipurpose cold storage and potato storage facility with combined capacity of 11,827 MT in Malda and warehouse with capacity of more than 10,000 MT
Trading of agricultural products for export, primarily involved in agro-commodities export business
Provision of cold storage facilities for perishable horticultural produce and other perishable goods
Manufacture and sale of bags and handbags
Trading and export of agricultural commodities and animal feed ingredients including soybean extraction, mustard/rapeseed oil cake, fish meals, maize, and other commodities primarily to Bangladesh and other Asian countries. Acts as B2B trader dealing majorly in corn/maize and oil cakes, maintaining stocks and distributing them to institutional parties.
Manufacturing of jute, cotton, canvas, and leather bags, wallets, purses, belts and various other fashion accessories for buyers based in European countries (France, Italy, Germany), UAE, and Australia. Operating facility at Sodhpur, Kolkata with about 146 stitching, sewing, cutting, and fusing machines.
Operation of multipurpose cold storage and potato storage facility providing storage and preservation solutions for all types of food products including apples, oranges, carrots, potatoes, chili, ginger, eggs, fish, ice creams, and sweets. Also operates a warehouse with capacity exceeding 10,000 MT for storage of corn, oil cakes and other commodities.
Export of fashion accessories
Export of agricultural commodities and merchant goods
Operation of multipurpose cold storage facilities
SWOT Analysis
Strengths
- • Diversified business operations across merchant export, fashion accessories, and food preservation(p.23)
- • Established cold storage and food preservation infrastructure with significant capacity(p.23)
- • Strong export market presence with Bangladesh and other countries(p.23)
- • Experienced management with proven project management skills(p.93)
- • Strong presence in agro-commodities trading segment(p.93)
- • Long-term client relationships and repeat business(p.93)
- • Experienced management team with trading and agricultural commodities expertise(p.119)
- • Strong presence in agro commodities trading with ability to switch commodities based on market demand(p.119)
- • Long-term relationships with clients and repeat business(p.119)
- • Recognition as Three Star Export House by Government of India(p.126)
- • Strategic cold storage facility near Indo-Bangladesh border(p.126)
- • Promoter involvement in railway business aids logistics management(p.126)
- • Treasury management experience to minimize currency volatility impact(p.126)
- • High utilization of manufacturing capacity for leather bags(p.124)
- • Established trading house with government recognition(p.213)
- • Diversified business portfolio across exports and operations(p.213)
- • Growing revenue and profitability trend(p.215)
- • Strong net profit growth rate(p.216)
- • Positive net worth and financial position(p.226)
- • Improved return on equity ratio(p.205)
Weaknesses
- • Extreme geographic concentration of exports with over 99% through West Bengal ports(p.30)
- • Heavy dependence on few customers for majority of revenue(p.30)
- • Dependence on few key suppliers for significant portion of supplies and purchases(p.33)
- • History of delays in statutory filings and tax compliance(p.30)
- • Negative cash flow from operations in recent fiscal years(p.41)
- • Significant outstanding litigations and contingent liabilities related to customs and tax disputes(p.42)
- • High leverage with significant debt obligations and personal guarantees from promoters(p.40)
- • Limited operational scale relative to capital requirements(p.87)
- • Dependence on financial institutions for working capital funding(p.88)
- • Recently recovered from auditor turnover—third auditor change in three years(p.65)
- • High volatility in prices of key input materials affecting profitability(p.126)
- • Lack of fully integrated manufacturing for bags division(p.126)
- • Very low utilization of jute and canvas bags production capacity(p.124)
- • High dependence on short-term borrowings(p.182)
- • Significant working capital pressure with negative operating cash flow(p.217)
- • Declining current ratio indicating liquidity pressure(p.205)
- • High leverage with significant debt-to-equity ratio(p.205)
- • Multiple outstanding tax litigations involving the company(p.220)
- • Material outstanding customs duty and penalty demands(p.198)
Opportunities
- • Expansion into new business segments through new subsidiaries(p.34)
- • Growing export potential from India's agricultural policy focus(p.23)
- • Capacity utilization growth in food preservation division(p.23)
- • Use of IPO proceeds for working capital and inorganic growth initiatives(p.24)
- • Expansion into crude oil refining via subsidiary investment(p.89)
- • Access to growing Indian cold chain logistics market(p.106)
- • Participation in expanding agricultural exports sector(p.101)
- • Growing demand for eco-friendly and sustainable packaging(p.107)
- • Growing bilateral trade with Bangladesh providing export expansion potential(p.126)
- • Untapped demand in Middle East and South East Asian markets(p.126)
- • Government-driven industrialization in Bangladesh offering project export opportunities(p.126)
- • Planned investment in edible oil project to improve profitability(p.126)
- • Strong position to procure and execute large orders(p.126)
- • Expansion of geographical presence to new markets(p.120)
- • Export market expansion and international trade growth(p.213)
- • Increasing export sales demonstrating market strength(p.194)
- • Operational leverage through higher revenue base(p.215)
- • Investment in bio-energy sector through associate company(p.184)
- • Potential access to capital markets for growth funding(p.226)
Threats
- • Dependence on Bangladesh market with exposure to changing economic and political conditions(p.30)
- • Exposure to agricultural commodity seasonality and crop failure risks(p.34)
- • Loss of export benefits from Government of India(p.34)
- • Exposure to foreign exchange fluctuation risks(p.48)
- • Regulatory and compliance risks in international markets(p.35)
- • Vulnerability to transportation and logistical disruptions(p.35)
- • Dependence on third-party infrastructure for cold storage operations(p.37)
- • Competitive pressures in the agricultural trading industry(p.45)
- • Natural and man-made disaster risks(p.47)
- • Global economic slowdown could depress agricultural commodity demand(p.100)
- • Indian economic growth deceleration would impact agri-export demand(p.52)
- • Volatility in commodity prices and exchange rates(p.51)
- • Regulatory changes in tax, GST, and agricultural trade policies(p.53)
- • Geopolitical disruptions affecting global supply chains and trade(p.101)
- • Monsoon and weather dependency for agricultural production(p.51)
- • Foreign investment restrictions limiting capital access(p.54)
- • Competition from large domestic and multinational companies for high-value orders(p.126)
- • Indian Rupee volatility in international markets affecting exports(p.126)
- • Government policy uncertainty limiting exportable products basket(p.126)
- • Competition from organized and unorganized players in domestic and international markets(p.125)
- • Multiple outstanding customs duty and penalty disputes pending before appellate authorities(p.198)
- • GST excess input tax credit demands and penalties(p.199)
- • Foreign exchange and currency fluctuation exposure(p.195)
- • Dependence on import-export business subject to regulatory changes(p.213)
- • Agricultural commodity price volatility and monsoon dependency(p.215)
- • Corporate guarantee obligations for associate company BCL Railway Infrastructure(p.209)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aparesh Nandi | Individual Promoter | 11.07% | — |
| Jayanta Kumar Ghosh | Individual Promoter | 11.07% | — |
| Uday Narayan Singh | Individual Promoter | 11.07% | — |
| Kanhai Singh Welfare Trust | Trust Promoter | 20.72% | — |
| BCPL Railway Infrastructure Limited | Corporate Promoter | 10.39% | — |
| AN Dealers LLP | Corporate Promoter | 10.99% | — |
| JKG Commercial LLP | Corporate Promoter | 11.01% | — |
| UNS Commercial LLP | Corporate Promoter | 9.94% | — |
| Tricon Logistics Engineering Consultancy Private Limited | Corporate Promoter | 2.92% | — |
| Aparesh Nandi | Promoter | 11.07% | — |
| Jayanta Kumar Ghosh | Promoter | 11.07% | — |
| Uday Narayan Singh | Promoter | 11.07% | — |
| Kanhai Singh Welfare Trust | Promoter Group | 20.72% | — |
| BCPL Railway Infrastructure Limited | Promoter Group | 10.39% | — |
| AN Dealers LLP | Promoter Group | 10.99% | — |
| JKG Commercial LLP | Promoter Group | 11.01% | — |
| UNS Commercial LLP | Promoter Group | 9.94% | — |
| Tricon Logistics Engineering Consultancy Private Limited | Promoter Group | 2.92% | — |
| Aparesh Nandi | Promoter/Managing Director | 11.07% | — |
| Jayanta Kumar Ghosh | Promoter/Non-Executive Director | 11.07% | — |
| Uday Narayan Singh | Promoter/Non-Executive Director | 11.07% | — |
| Kanhai Singh Welfare Trust | Promoter Group | 20.72% | — |
| BCPL Railway Infrastructure Limited | Promoter Group | 10.39% | — |
| AN Dealers LLP | Promoter Group | 10.99% | — |
| JKG Commercial LLP | Promoter Group | 11.01% | — |
| UNS Commercial LLP | Promoter Group | 9.94% | — |
| Tricon Logistics Engineering Consultancy Private Limited | Promoter Group | 2.92% | — |
| Aparesh Nandi | Promoter | 33.16% | — |
| Jayanta Kumar Ghosh | Promoter | 33.16% | — |
| Uday Narayan Singh | Promoter | 33.16% | — |
Leadership
Aparesh Nandi · Managing Director
Kingshuk Basu · Chief Financial Officer
Abhishek Chakraborty · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Offer documents
Phoenix Overseas IPO FAQs
What is the lot size of Phoenix Overseas IPO?
The minimum lot size of Phoenix Overseas IPO is 2,000 shares. One lot costs ₹1,28,000 at the cut-off price.
When does Phoenix Overseas IPO open and close?
Phoenix Overseas IPO opened for subscription on 20 Sep 2024 and closed on 24 Sep 2024.
What is the listing date of Phoenix Overseas IPO?
Phoenix Overseas IPO listed on 27 Sep 2024.