Paradeep Phosphates IPO: Paradeep Phosphates Limited, the second largest private sector manufacturer of non-urea fertilizers and diammonium phosphates (DAP) has just closed its initial public offering (IPO). The Paradeep Phosphates IPO received a decent response from bidders and was subscribed 1.75 times as investors booked 47,02.00,150 shares against the issue size of 26,86,76,858 shares for sale. This was supported by the excellent response from qualified institutional buyers rushing to book their slots. The IPO of Paradeep Phosphates, which appears to be pushing up Rs 1,501 crore, had set its price range at Rs 39 to Rs 42 per share share.
Paradeep Phosphates IPO Subscription Status
As previously mentioned, Paradeep Phosphates’ IPO saw a decent subscription rate of 1.75 times as investors booked 1.75 times or 47,02.00,150 shares against the issue size of 26,86,76,858 shares for sale. This was supported by the excellent response from qualified institutional buyers, who subscribed 3.01 times or 24,32,41,250 shares against the 8,07,05,162 shares reserved for them. On the other hand, the Private Retail Investors (RIIs) class was subscribed 1.37 times with bids of 18,06,17,150 shares on a consolidated basis against the reserved portion of 13,15,80,187 shares. However, the non-institutional investor category, which had received a lukewarm response from day 1, was not fully booked as investors subscribed for only 82 percent or 4,63,41,750 shares against their total portion size of 5,63,91,509 shares. †
Paradeep Phosphates IPO GMP today
According to gray market observers, Paradeep Phosphates IPO GMP (Gray Market Premium) today is Rs 3, which is unchanged from yesterday’s gray market premium. Market observers said Paradeep Phosphates’ IPO GMP today is Rs 3, meaning the gray market expects Paradeep Phosphates’ IPO listing to be around Rs 45 (Rs 42 + Rs 3), which is about 7 percent higher than the price of the Paradeep Phosphates IPO price band.
Paradeep Phosphates IPO: Objectives
Through the IPO of Paradeep Phosphates, the company has brought a new issue of Rs 1004 crore and a sale offer of Rs 498 crore by the selling shareholders, with the GOI selling its entire stake. The aim of the offer is to facilitate a partial financing of the acquisition of the Goa facility for Rs 520 crore and the repayment/prepayment of a portion of the company’s loans, which will use Rs 300 crore. The remainder will be used for general corporate purposes.
Paradeep Phosphates IPO Share Allotment, Listing Date
The allotment of the shares of Paradeep Phosphates IPO will take place on Tuesday, May 24, and the issuance will close for bids on Friday, May 20. † Once the shre allotment is complete, losing bidders will receive their refund on May 25, while those who win the bids on the Paradeep Phosphates IPO shares on May 25 will receive credits to demat accounts. Paradeep Phosphates will be listed on the stock exchange on May 27. when the release will appear on both NSE and BSE.
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