Paradeep Phosphates IPO subscribed 1.75 times on last day of subscription

Initial public offer of Paradeep Phosphate Subscribed 1.75 times on the last day to subscribe on Thursday.

The offering received bids for 47,02,00,150 shares for 26,86,76,858 shares offered, according to NSE data.

The portion for qualified institutional buyers was oversubscribed 3.01 times, individual investors 1.37 times and non-institutional investors 82 percent.

The Initial Public Offering (IPO) had a new issue totaling Rs 1,004 crore and an offer to sell up to 11,85,07,493 shares of the stock.

The price range of the offer was Rs 39-42 per share.

On Friday, Paradeep Phosphate raised just over Rs 450 crore from major investors.

Proceeds from the new issue will be used to partially finance the acquisition of the fertilizer manufacturing facility in Goa, and to pay debts and general corporate purposes.

Paradigm Phosphate is primarily engaged in the manufacture, trading, distribution and sale of a variety of complex fertilizers such as Diammonium Phosphate (DAP) and NPK fertilizers.

The bid was occupied by JM Financial Limited, SBI Capital Markets Limited, ICICI Securities Limited and Axis Capital.

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