Paradeep Phosphates IPO closes today: GMP, subscription status, listing price and other details you want to know

New Delhi: The initial public offer (IPO) of Paradeep Phosphates is going to close today. The issue got subscribed 51 per cent on the second day of subscription on Wednesday.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilizers.

Paradeep Phosphates IPO subscription status

According to the NSE data, the IPO received bids for 13,63,79,600 shares against 26,86,76,858 shares on offer. The quota for retail individual investors got 95 per cent subscription and non institutional investors 20 per cent.

Paradeep Phosphates IPO GMP today, listing status

As per market observers, Paradeep Phosphates IPO GMP (grey market premium) is unchanged at Rs 3. Paradeep Phosphates IPO shares stood at Rs 3 on May 18, the GMP had stood at Rs 3 on May 17 too. Market observers believe that of the GMP remains at Rs 3, it is highly probable that the listing of Paradeep Phosphates would be around Rs 45.

Paradeep Phosphates IPO details

The Initial Public Offer (IPO) has a fresh issue aggregating up to Rs 1,004 crore and an Offer For Sale (OFS) of up to 11,85,07,493 equity shares. Price range for the offer is Rs 39-42 per share. 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. JM Financial, SBI Capital Markets, ICICI Securities and Axis Capital are the managers to the offer.

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

With PTI Inputs