Investors responded well to the Paradeep Phosphates Initial Public Offering (IPO), which was available for public subscription between May 18 and May 20, and which received bids for 47,02,00,150 shares against the issue size of 26,86,76,858 shares up for sale. Investors will receive their share allocation on Tuesday (May 24).
Paradeep Phosphates IPO: Venus Pipes & Tubes IPO GMP
The shares of Paradeep Phosphates Ltd (PPL) are currently trading on the grey market at a premium of Rs 0.20 over the upper band of Rs 326, according to chanakyanipothi.com. The difference between the issue price and the higher issue price is essentially zero. In other words, the price per share on the black market is Rs 326.2. Additionally, it shows that the anticipated listing price for the company's shares would be the same as the initial offering price. According to market mood, the premium fluctuates.
Paradeep Phosphates IPO: How to Check Allotment Status
The red herring prospectus states that Paradeep Phosphates will complete the allocation by Tuesday (May 24). Here is how to check your allocation status:
a) Visit the Bombay Stock Exchange's official website. (https://www.bseindia.com/investors/appli check.aspx) is the URL.
b) It will direct you to the "Status of Issue Application" page.
b) When you get to the page, select the "Equity" link.
d) Choose the choice for "Paradeep Phosphates Limited" from the drop-down menu that will be visible next to the issue name.
e) Indicate on the page your application number.
f) Next, type your PAN, or Permanent Account Number.
g) Select the "I am not a Robot" Captcha and then click the "Submit" button.
h) Details about the allocation status of your bid appear once you choose the option. Only after the finalization of the share allotment will the status become evident.
The IPO's registrar, in this case, Link Intime India, has a website where applicants can also check the progress of their allotment (go here: https://linkintime.co.in/MIPO/Ipoallotment.html). To examine their allotment status, applicants must pick Paradeep Phosphates Limited - IPO from the drop-down box, enter their PAN, application number, or DP Client ID, and then click on search.
Paradeep Phosphates IPO: Basic Details
The pricing range for the Paradeep Phosphates IPO, which aimed to raise Rs 1,501 crore, was set at Rs 39 to Rs 42 per equity share. A fresh issue of Rs 1004 crore and an offer for sale of Rs 498 crore by the selling shareholders, including the Government of India selling its full stake, have been made by the firm through the Paradeep Phosphates IPO.
Shares of Paradeep Phosphates are anticipated to list on the NSE and BSE on May 27.
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: The Analyst Take
The strategic acquisition of the Goa plant will solidify PPL's position in the domestic fertilizer market and provide it with a stronger foothold in important states, according to Axis Securities' analysis. We think the IPO is underpriced compared to its true value.