Paramount Speciality Forging IPO Day 2: ₹32.34 Crore SME Issue Filled 3.08 Times; Subcriptions Led By Retail Investors Bidding 4.96x So Far

The IPO of Paramount Speciality Forgings has drawn a lot of interest from investors. The NSE SME issue received 3.08 subscriptions on Wednesday, the second day of the bidding process.

Demand was driven primarily by retail investors, who subscribed 4.96 times the amount allotted to them. The qualified institutional buyers (QIBs) portion of the IPO was subscribed 1.14 times, whereas the non-institutional investors (NIIs) portion was booked 1.45 times.

IPO size and structure

The IPO for Paramount Speciality Forgings is valued at Rs 32.34 crore and consists of an offer to sell 6.8 lakh shares, valued at Rs 4.01 crore, and a new issue of 48.02 lakh shares, totalling Rs 28.33 crore.

Price band and minimum bid

The IPO price range for Paramount Speciality Forgings is set at Rs 57 to Rs 59 per share.

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The minimum lot size for retail investors interested in applying for Paramount Speciality Forgings IPO is one lot, or 2,000 shares, for a total investment of Rs 1,18,000 per lot.

High net worth individuals (HNIs), on the other hand, are able to bid for a minimum of two lots or four thousand shares, which is equivalent to Rs 2,36,000 in investment.

IPO subscription and listing timetable

The subscription period for Paramount Speciality Forgings IPO is from September 17 to September 20. On Monday, September 23, the share allotment status is probably going to be finalised.

On Tuesday, September 24, refunds to unsuccessful bidders will begin once the public issue's share allotment status is finalised. Shares of Paramount Speciality Forgings will be deposited into winning bidders' Demat accounts on the same day.

On Wednesday, September 25, the company's shares will go live on the NSE SME platform, Emerge.

Purpose of the IPO

The money raised from the public offering will be used by Paramount Speciality Forgings to finance the purchase of machinery and equipment as well as other general business needs.