Fertilizer company Paradeep Phosphates Ltd’s initial public offering (IPO) is open for registration on Tuesday. The price range for the public offering, which will close on May 19, has been set at Rs 39-42 per share.
With the first share sale, the government will divest its entire 19.55 percent stake in the company.
The IPO includes a new share issue worth Rs 1,004 crore and an offering for sale component of 11,85 crore shares by promoters and other selling shareholders.
As part of the offer for sale (OFS), selling shareholders — Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will sell 60,18,493 shares and the Center will sell up to 11,24,89,000 shares.
At present, ZMPPL has an 80.45 percent stake in Paradeep Phosphates, while the government owns a 19.55 percent stake.
Founded in 1981, Paradeep Phosphates Ltd is mainly engaged in the manufacture, trade, distribution and sale of complex fertilizers such as diammonium phosphate (DAP) and NPK fertilizers.
It has raised just over Rs 450 crore from anchor investors days before the rollout of its first public offering.
Goldman Sachs, BNP Paribas Arbitrage, Kuber India Fund, Copthall Mauritius Investment and Societe Generale are among the top investors.
Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the leading managers in this field.