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PNN
Mumbai (Maharashtra) [India], September 22: Arabian Petroleum is pleased to announce the opening of its Initial Public Offering (IPO) for subscription on September 25, 2023, with the subscription period set to conclude on September 27, 2023. The company has established the issue price at Rs 70 per share, as stated in a company statement. Arabian Petroleum aims to raise Rs 20.24 crore from the public offer, with each lot consisting of 2,000 equity shares. The offering comprises a total of 2,892,000 equity shares, with specific allocations for different investor categories. Of these, 1,372,000 equity shares are reserved for Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) categories each, while the remaining 148,000 equity shares are reserved for market makers. Arabian Petroleum shares will be listed on the NSE Emerge platform. Arabian Petroleum is a one-stop shop for all lubricants and boasts a manufacturing plant with a capacity of 40,590 Kiloliters Per Annum (KLPA). The company has a robust distribution network encompassing 400 dealers and 9 depots. The company takes pride in being manufacturers of lubricants for industrial and automobile applications, Arabian Petroleum is one of the few manufacturers in India with comprehensive in-house capabilities, ensuring the delivery of high-quality products. Notably, the company also serves esteemed Government Sector clients, including the Indian Armed Forces, BHEL, BEML, Railways, BEL, among others. HEM Securities is the lead manager for the issue, and Purva Sharegistry India Pvt Ltd has been appointed as the official registrar. Arabian Petroleum invites investors and stakeholders to participate in this significant opportunity. Please refer to the company's prospectus for further details. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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