Paradeep Phosphates IPO gets 29 pc subscription on first day

The initial public offer of Paradeep Phosphates was subscribed 29 per cent on the first day of subscription on Tuesday.

The IPO received bids for 7,86,87,000 shares against 26,86,76,858 shares on offer, according to data available with NSE.

The category for Retail Individual Investors (RIIs) was subscribed 57 per cent and the portion for non-institutional investors attracted 6 per cent subscription.

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

As part of the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the government of India will sell up to 11,24,89,000 equity shares.

The government will be offloading its entire 19.55 per cent stake in the company.

Currently, ZMPPL holds 80.45 per cent stake and the government of India owns the rest 19.55 per cent stake in the company.

The price range for the offer is at Rs 39-42 per share.

On Friday, Paradeep Phosphates said it has 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 and payment of debt and general corporate purposes.

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.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)