Paradeep Phosphates shares gain nearly 5% on debut

New Delhi: Shares of Paradeep Phosphates on Friday made a tepid market debut with a nearly 5 per cent gain against its issue price of Rs 42.

The stock was listed at Rs 43.55, a jump of 3.69 per cent against the issue price, on the BSE.

At the NSE, it made its debut at Rs 44, up 4.76 per cent.

The initial public offer of Paradeep Phosphates was subscribed 1.75 times last week.

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.

The price range for the offer was Rs 39-42 per share.

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 fertilisers.