Phoenix Overseas IPO Opens — Check GMP, Price, Issue Size And Other Details

Phoenix Overseas IPO Opens Today

Phoenix Overseas, an integrated security service provider, has opened its initial public offering (IPO) for subscription today, 11th May 2023. This IPO is one of the highly anticipated events in the Indian capital markets this year.

Key Details of the IPO

Issue Size

The issue size of the IPO is 2,28,46,432 equity shares, which includes an offer for sale of 1,66,86,432 equity shares by existing shareholders and a fresh issue of up to 61,60,000 equity shares.

Price Band

The price band for the IPO has been fixed at Rs 152-158 per equity share. At the upper end of the price band, the company aims to raise around Rs 360 crore through this IPO.

GMP

The gray market premium (GMP) for Phoenix Overseas shares is currently trading at Rs 22, indicating a positive sentiment among investors for this IPO.

Other Details

The IPO will close on 13th May 2023. The shares will be listed on the BSE and NSE. The lead managers to the issue are Axis Capital, JM Financial, and ICICI Securities.

Financials and Business Overview

Phoenix Overseas is engaged in providing a comprehensive range of security services, including cash management, cash-in-transit, ATM services, surveillance, and risk advisory services. The company has a strong presence in India, with operations in over 20 states and union territories.

In the financial year 2022, the company reported a revenue of Rs 1,545 crore and a net profit of Rs 144 crore. The company has a robust balance sheet with a healthy cash flow and low debt levels.

Key Investment Highlights

There are several key investment highlights that make Phoenix Overseas IPO attractive for investors:

• Leading integrated security service provider in India
• Strong financial performance with consistent growth in revenue and profitability
• Experienced management team with a proven track record
• High-growth security industry with increasing demand for security services
• Attractive valuations compared to peers

Recommendation

Based on the company's strong fundamentals, attractive valuations, and positive market sentiment, we recommend investors to subscribe to the Phoenix Overseas IPO. The IPO offers an opportunity to participate in the growth story of a leading security service provider in India.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice.