Neptune Petrochemicals IPO - Day 3 Subscription at 4.11 Times

Neptune Petrochemicals initial public offering (IPO) has shown moderate investor demand through its three-day subscription period. The ₹73.20 crore IPO has witnessed steady progress, with subscription rates opening at 1.14 times on day one, rising to 1.75 times on day two, and reaching 4.11 times by 5:20:00 PM on the final day, demonstrating solid investor interest in this manufacturer and trader of bitumen products and emulsions that operates three manufacturing units across Ahmedabad (Gujarat), Panipat (Haryana), and Kamrup (Assam), serving diverse construction and industrial applications with product portfolio encompassing various grades of bitumen including polymer-modified bitumen and crumb-rubber-modified bitumen.

Neptune Petrochemicals IPO qualified institutional buyers segment leads with 7.12 times subscription, while non-institutional investors show moderate participation at 2.91 times, reflecting measured investor confidence in this company that exports products to Nepal and Bhutan while serving the domestic Indian market, holds ISO certifications for Quality Management, Environmental Management, and Occupational Health & Safety, and employs 59 people as of December 2024.

Neptune Petrochemicals IPO subscription reached solid 4.11 times on the final day, led by QIB (7.12x) and NII (2.91x). Total applications reached 2,564.

Subscription Status of Neptune Petrochemicals IPO:

Here are the subscription details for Neptune Petrochemicals IPO as of Day 3 (May 30, 2025, 5:20:01 PM):

Key Highlights - Day 3:

• Overall subscription reaching solid 4.11 times, showing steady growth from day two's 1.75 times
• QIB segment leading with good demand at 7.12 times, a significant improvement from day two's 3.14 times
• NII segment showing moderate interest at 2.91 times, up from day two's 1.20 times
• Total applications reached 2,564, indicating moderate investor participation
• The cumulative bid amount reached ₹200.214 crores
• Final day demonstrating measured confidence in the petrochemicals manufacturing sector
• QIB category showing stronger oversubscription compared to NII, reflecting institutional confidence
• Moderate participation reflects a cautious assessment of the specialised bitumen products business model

Neptune Petrochemicals IPO - Day 2 Subscription at 1.75 Times

Key Highlights - Day 2:

• Overall subscription rising to 1.75 times, showing growth from day one's 1.14 times
• QIB segment showing improvement at 3.14 times, up from day one's 2.44 times
• NII segment showing increased interest at 1.20 times, nearly double day one's 0.62 times
• Second day momentum indicates growing investor confidence in the petrochemicals sector
• Specialised bitumen manufacturing expertise is attracting gradual investor attention
• Steady second-day performance sets the foundation for final-day acceleration

Neptune Petrochemicals IPO - Day 2 Subscription at 1.75 Times

Key Highlights - Day 1:

• Overall subscription opening at 1.14 times, showing initial investor interest
• QIB segment showing strong early participation at 2.44 times, indicating institutional investor confidence
• NII segment showing modest initial interest at 0.62 times on day one
• Opening day demonstrates mixed investor engagement across categories
• Initial momentum reflecting a cautious assessment of the petrochemicals manufacturing opportunity
• Multi-location manufacturing capability draws initial institutional attention
• First day of foundation, setting the stage for subsequent steady growth

About Neptune Petrochemicals IPO

Incorporated in October 2021, Neptune Petrochemicals Limited manufactures and trades a range of bitumen products and emulsions. The company's product portfolio encompasses various grades of bitumen, including polymer-modified bitumen and crumb-rubber-modified bitumen, serving diverse industries, particularly construction and industrial applications.

The company operates three manufacturing units strategically located across India: Unit I in Ahmedabad, Gujarat, Unit II in Panipat, Haryana, and Unit III in Kamrup, Assam. In addition to manufacturing, the company trades bitumen and fuel oils, sourcing from reputable suppliers to ensure quality and meet customer needs. The promoters include Mr. Pareshkumar Subodhchandra Shah, Mrs. Riddhi Pareshkumar Shah and Mr. Sanjaykumar Subodhchandra Shah.

Financial performance shows a strong growth trajectory with revenue of ₹675.97 crores in FY2024 and profit after tax of ₹20.82 crores. For the nine months ended December 2024, the company reported revenue of ₹620.16 crores with PAT of ₹19.47 crores. The company maintains excellent profitability metrics with 65.00% ROE, 65.00% ROCE, and 65.25% RONW, while operating with minimal debt and market capitalisation of ₹276.37 crores.

Highlights of the Neptune Petrochemicals IPO:

• IPO type: Book Building IPO
• IPO size: ₹73.20 crores
• Fresh Issue: 60.00 lakh shares
• Face value: ₹10 per share
• Issue price band: ₹115 to ₹122 per share
• Lot size: 1,000 shares
• Minimum investment for retail investors: ₹2,44,000 (2 lots, 2,000 shares)
• Minimum investment for HNI: ₹3,66,000 (3 lots, 3,000 shares)
• Market maker reservation: 3,01,000 shares
• Book-running lead manager: Beeline Capital Advisors Pvt Ltd
• Registrar: MUFG Intime India Private Limited (Link Intime)
• Listing at: NSE SME
• IPO opens: May 28, 2025
• IPO closes: May 30, 2025
• Allotment date: June 2, 2025
• Listing date: June 4, 2025
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