Paradeep Phosphates shares rise on stock market debut
On Friday, shares of Paradeep Phosphates made their stock market debut, trading at 44 on the NSE, a premium of more than 4% over the IPO issue price of 42 per share. Paradeep Phophates shares began trading at 43.5 on the BSE.
On the last day of its subscription period, Paradeep Phosphates’ initial public offering (IPO) was subscribed 1.75 times. Bids for 47,02,00,150 shares were received, compared to 26,86,76,858 shares on offer.
The amount reserved for eligible institutional buyers was sold out 3.01 times, retail individual investors 1.37 times, and non-institutional investors 82 per cent of the time.
There was a fresh issue worth up to 1,004 crores and an offer for sale (OFS) of up to 11,85,07,493 equity shares in the public offering. The offer’s price range was 39-42 per share. Prior to its share sale, Paradeep Phosphates raised a little over 450 crores from anchor investors.
The proceeds of the new issuance will be used to partially fund the acquisition of a fertiliser production facility in Goa, as well as debt repayment and other business objectives, according to the company.
Manufacturing, trading, distribution, and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers are the main activities of Paradeep Phosphates.
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