The second-largest private producer of non-urea fertilizers and di-ammonium phosphates (DAP) in India, Paradeep Phosphates Limited, just completed its initial public offering (IPO). Bidders responded favorably to Paradeep Phosphates' initial public offering (IPO), which was 1.75 times oversubscribed with investors booking 47,02,00,150 shares compared to the issue size of 26,86,76,858 shares available for purchase. The excellent response from qualified institutional purchasers, who raced in to reserve their slots, supported this. The pricing range for the Rs 39 to Rs 42 per equity share Paradeep Phosphates IPO, which aims to raise Rs 1,501 crore, was set.
Paradeep Phosphates IPO Subscription Status
As previously indicated, the IPO for Paradeep Phosphates had a respectable subscription rate of 1.75 times, with investors purchasing 47,02,00,150 shares or 1.75 times the issue size of 26,86,76,858 shares available for sale. The excellent response from qualified institutional buyers, who purchased 3.01 times as many shares—24,32,41,250—as opposed to the 8,07,05,162 equity shares designated for them, supported this. On the other hand, the retail individual investor (RII) group received bids totaling 18,06,17,150 stock shares, 1.37 times more than the 13,15,80,187 equity shares that were reserved for them. The non-institutional investor's category, which had received a muted reaction since Day 1, did not, however, reach its full capacity because investors only subscribed 82% of the entire number of shares available, or 4,63,41,750 shares, or 5,63,91,509 equity shares.
Paradeep Phosphates IPO GMP Today
Grey market experts report that the Paradeep Phosphates IPO GMP (grey market premium), which was Rs 3 yesterday, remained unchanged today. Market watchers noted that the Paradeep Phosphates IPO GMP today is Rs 3, indicating that the grey market anticipates the listing price of the IPO to be approximately Rs 45 (Rs 42 + Rs 3), or about 7% higher than the Paradeep Phosphates IPO pricing band.
Paradeep Phosphates IPO: Objectives of Issue
Through the Paradeep Phosphates Initial Public Offering (IPO), the business has brought forth a fresh issuance of Rs. 1004 crore and selling shareholders' offer to sell their full ownership for Rs. 498 crores. The offer's goals are to make it easier to partially finance the purchase of the Goa facility for Rs 520 crore and to prepay or return some of the company's debt for Rs 300 crore. The remaining sum will be applied to general business needs.
Paradeep Phosphates IPO Share Allotment, Listing Date
The IPO for Paradeep Phosphates will allocate shares on May 24, a Tuesday, and close the issue to bids on May 20, a Friday. The Paradeep Phosphates IPO had a three-day booking opportunity for bidders from May 18 to May 20. Losing bidders will receive refunds on May 25 after the shares have been allocated, and those who successfully bid on the Paradeep Phosphates IPO shares will receive credits to their Demat accounts on the same date. The offering will debut on both the NSE and BSE on May 27, which is the Paradeep Phosphates IPO listing date.