Paradeep Phosphates shares rise on stock market debut
Premium- Paradeep Phosphates IPO was subscribed 1.75 times on its last day of subscription
Shares of Paradeep Phosphates made stock market debut on Friday with the stock listing at ₹44 on the NSE, a premium of more than 4% from its IPO issue price of ₹42 per share. On the BSE, Paradeep Phophates shares started trading at ₹43.5.
The initial public offer (IPO) of Paradeep Phosphates was subscribed 1.75 times on the last day of its subscription. The issue received bids for 47,02,00,150 shares against 26,86,76,858 shares on offer.
The portion meant for qualified institutional buyers got subscribed 3.01 times, retail individual investors 1.37 times and non institutional investors 82%.
The public issue had a fresh issue aggregating up to ₹1,004 crore and an offer for sale (OFS) of up to 11,85,07,493 equity shares. Price range for the offer was ₹39-42 per share. Paradeep Phosphates raised a little over ₹450 crore from anchor investors, ahead of its share sale.
The company said it aims to use the proceeds of the fresh issue to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes.
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Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.