Positron Energy Soars 90% On NSE SME Debut

(MENAFN- KNN India) New Delhi, Aug 20 (KNN) In a stunning market debut, Positron Energy's shares listed on the National Stock Exchange's (NSE) Small and Medium Enterprise (SME) platform at a premium of 90 per cent on Tuesday.

The stock opened at Rs 475, significantly higher than its issue price of Rs 250 per share.

The initial public offering (IPO) of Positron Energy, which consisted of a fresh equity sale of 20.48 lakh shares, garnered overwhelming investor interest. The issue was oversubscribed by more than 400 times, with non-institutional investors showing particularly strong demand.

Prior to the listing, the grey market premium (GMP) for Positron Energy shares stood at 280, indicating high expectations for the company's market performance.

Positron Energy plans to utilise the net proceeds from the public offer to fund working capital requirements, capital expenditure, and other general corporate purposes.

The company specialises in management and technical advisory services for the oil and gas industry, providing end-to-end solutions for gas distribution to industries across India.

With a focus on natural gas, Positron Energy has successfully developed a gas aggregation business volume of approximately 35 MMSCM. The company's technical qualifications and empanelment with numerous industrial customers underscore its reliability and competence in the sector.

India's oil and gas industry, one of the country's eight core industries, plays a crucial role in shaping the economy.

The sector is expected to attract USD 25 billion in exploration and production investments by 2022, with plans to expand India's position as a refining hub.

For the fiscal year ended March 2024, Positron Energy reported total revenues of Rs 134 crore and a net profit of Rs 8.78 crore, reflecting the company's strong financial performance.

The impressive listing of Positron Energy highlights the growing investor interest in India's energy sector and the potential for SMEs in this space.

As the country continues to focus on expanding its oil and gas infrastructure, companies like Positron Energy are well-positioned to capitalise on the sector's growth opportunities.

(KNN Bureau)

MENAFN20082024000155011030ID1108581548