Paradeep Phosphates IPO subscribed 1.75 times on last day of subscription

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 noninstitutional investors 82 percent.

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.

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The 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 fertilizer manufacturing facility in Goa, payment of a 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 Limited, SBI Capital Markets Limited, ICICI Securities Limited, and Axis Capital were the managers of the offer.