Neptune Petrochemicals IPO oversubscribed

The IPO of Ahmedabad-based Neptune Petrochemicals ’ INR 73.20 crore IPO received overall subscription of 4.11 times. The QIB category was subscribed 7.12 times, while the NII and retail segments were covered 2.91 times and modestly, respectively.The IPO was priced at INR 122 per share with a minimum application size of 1,000 shares. The issue was entirely a fresh offering of 60 lakh shares. Anchor investors had earlier committed INR 20.85 crore, indicating early institutional interest.The proceeds will be used to fund expansion of manufacturing capacity, acquire office space, and meet working capital requirements.Neptune Petrochemicals is engaged in the manufacturing and trading of bitumen and bitumen-derived products, which are primarily used in road construction and industrial applications. It has three plants across Gujarat, Haryana, and Assam, and exports to Nepal and Bhutan as well.