Paradeep Phosphates files IPO papers to raise Rs 1,255 crore

New Delhi: Fertiliser company Paradeep Phosphates has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering. The IPO comprises fresh issue of equity shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 120,035,800 shares by existing shareholders and promoters, according to the draft red herring prospectus (DRHP).

Under the offer for sale, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offer up to 75,46,800 shares while the Government of India will offer 112,489,000 equity shares.

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

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa, 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. Its fertilizers are marketed under some of the key brand names in the market 'Jai Kisaan ? Navratna' and 'Navratna. Also Read: Go Fashion files IPO papers to raise 125 crores to launch new exclusive brand outlets

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue. Also Read: Adani Group to enter super app competition, set to rival Tata, PhonePe, Paytm