Paramount Printpackaging gets Sebi nod for IPO

Paramount Printpackaging today said it has received market regulator Sebi's approval for its initial public offering (IPO).

The company, which supplies different types of duplex board cartons, has received Sebi nod for its proposed IPO, Paramount Printpackaging said in a statement.

Paramount Printpackaging has proposed an initial public offering of 1.3 crore equity shares of Rs 10 each through 100% book building process, to part finance its expansion plans.

The proceeds of the issue would be used for setting up new facilities for manufacturing of high end duplex board cartons, shippers and printed corrugated box in Gujarat as well as augment the company's long term working capital requirements.

Onelife Capital Advisors Ltd is the book running lead manager to the issue.

Paramount Printpackaging caters to over 100 clients in various sectors like FMCG, pharma, electricals, auto ancillary and food.

Currently, the company has the capacity to convert about 500 tons of paper board every month, which in terms of finished products works out to an average of 20 lakh cartons a day.