Schedule of Phoenix Overseas
| Issue open date | 20 Sep 2024 |
| Issue close date | 24 Sep 2024 |
| UPI mandate deadline | 24 Sep 2024 (5 PM) |
| Allotment finalization | 25 Sep 2024 |
| Refund initiation | 26 Sep 2024 |
| Share credit | 26 Sep 2024 |
| Listing date | 27 Sep 2024 |
| Mandate end date | 09 Oct 2024 |
| Lock-in end date for anchor investors (50%) | 25 Oct 2024 |
| Lock-in end date for anchor investors (remaining) | 23 Dec 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Phoenix Overseas
Incorporated in 2002, Phoenix Overseas deals in three major vertical / divisions, enabling them to be a recognized trading house, exporting and importing agricultural products and spices and manufacturers and exporters of jute bags (www.bagsindia.com), handicrafts, as well as multipurpose cold store, with potato cold store. The company’s manufacturing facility is situated at Sodhpur, Kolkata. The company exports its jute bags, and handicrafts to buyers in European Countries like France, Italy, Germany, UAE, and also in Australia. Its food preservation business offers storage and preservation solutions for all food products ranging from apples, oranges, carrots, potatoes, chili, ginger, eggs, fish, ice creams, and sweets.
Financials of Phoenix Overseas
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹36.03 crores |
| Fresh Issue | ₹29.31 crores |
| Offer for sale | ₹6.72 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Pursuing Inorganic growth initiatives | 6 (20.47%) |
| Working capital requirements | 10 (34.12%) |
| General corporate purposes | 7.33 (25%) |
| Others | 5.98 (20.41%) |
Strengths
- The company has a strong presence in the agro commodities trading segment thereby enabling it to strategize and switch over exports/imports from one commodity to another based on the change in demand or inconsistency in pricing for any commodity during any season.
- It is engaged in trading and marketing animal feeds and agricultural produce and commodities such as corn, oil cakes, spices like dry red chilies, coriander, cumin seeds, and food grains like rice, wheat, corn, etc. It also imports lentils, black urad dal, and tur dal in India in bulk quantities.
- Phoenix Overseas is recognized as a Three Star Export house by the Ministry of Commerce and Industry, Govt. of India on October 01, 2023.
- The company has a warehouse with a capacity of more than 10,000 MT for storage of corn, oil cakes, and other commodities situated at Malda, near the Indo-Bangladesh Border.
Risks
- More than 90% of the company’s exports are to Bangladesh and this exposes them to a higher degree of risk with constantly changing economic, regulatory, and social conditions. Any change in political or economic conditions in Bangladesh can adversely affect the business.
- The company relies on a few customers for a significant portion of its revenue. Any decrease in revenues or sales from any one of its key customers may adversely affect the business and results of operations.
- Failure of the potato crop in West Bengal state and more specifically in and around Malda district would severely affect its ability to generate revenues.
- There are backward integration challenges in agricultural produce and commodities trading business.
- The company had negative cash flow from operating, investing, and financing activities in recent fiscals. Sustained negative cash flow could adversely impact the business, financial condition, and results of operations