Paradeep Phosphates IPO Subscribed 0.51 Times On Day 2
Follow the latest subscription updates from Day 2 of Paradeep Phosphates IPO.
Retail investors lead bidding for shares of Paradeep Phosphates Ltd. on the second day of its initial public offering.
The Rs 1,501.7-crore IPO got off to a slow start, subscribing only 29% on its first day.
The non-urea fertiliser maker, part of the Adventz Group (KK Birla Group), will issue new stock worth Rs 1,004 crore, according to its red herring prospectus. The Government of India will sell its entire stake through an offer for sale. Subsequently, it will cease to be a promoter on listing of the company.
The OFS consists of 11.85 crore shares valued at Rs 497.70 crore at the upper end of the price band of Rs 39–42 apiece.
Paradeep Phosphates was acquired by a joint venture of Zuari Agro Chemicals Ltd. and OCL as part of a divestment process by the government in 2002.
The company will use Rs 530 crore from the fresh issue to complete acquisition of a Goa facility. It will also repay borrowings worth Rs 300 crore, and the rest will be for general corporate purposes.
Subscription Status: Day 2
The IPO subscribed 0.51 times as of 5 p.m. on May 18.
Institutional investors: 0 times.
Non-institutional investors: 0.2 times.
Retail investors: 0.95 times.