Paradeep Phosphates IPO subscribed 1.75 times on last day of subscription

The IPO received bids for 47,02,00,150 shares against 26,86,76,858 shares on offer, according to NSE data.

Paradeep Phosphates IPO, Paradeep Phosphates

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as Di-Ammonium Phosphate (DAP) and NPK fertilizers. Its fertilizers are marketed under some of the key brand names in the market - 'Jai Kisaan - Navratna' and 'Navratna'.

The initial public offer of Paradeep Phosphates was subscribed 1.75 times on the last day of subscription on Thursday.

The IPO received bids for 47,02,00,150 shares against 26,86,76,858 shares on offer, according to NSE data.

The portion meant for qualified institutional buyers got subscribed 3.01 times, retail individual investors 1.37 times and non institutional investors 82 per cent.

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The initial public offer (IPO) had a fresh issue aggregating up to Rs 1,004 crore and an offer for sale of up to 11,85,07,493 equity shares.

Price range for the offer was Rs 39-42 per share.

On Friday, Paradeep Phosphates raised a little over Rs 450 crore from anchor investors.

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, payment of debt and general corporate purposes.

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Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.

JM Financial Limited, SBI Capital Markets Limited, ICICI Securities Limited and Axis Capital were the managers to the offer.