Zuari Agro gains on unveiling Paradeep Phosphates IPO details

Zuari Agro Chemicals rose 1.07% to Rs 161.20 after the company said that the initial public offering (IPO) of Paradeep Phosphates will open on 17 May 2022.

Paradeep Phosphates (PPL) is a joint venture between Indian Government and Zuari Maroc Phosphates Private (ZMPPL), a 50:50 partnership between Maroc Phosphore S.A., Morocco and Zuari Agro Chemicals. The government of India holds 19.55% of shares while 80.45% shares are held by Zuari Maroc Phosphates.

PPL 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 brands like 'Jai Kisaan Navratna' and 'Navratna'.

The Red Herring Prospectus of Paradeep Phosphates (PPL) dated 6 May 2022 was filed with the Registrar of Companies, Odisha at Cuttack, on 7 May 2022.

The PPL IPO comprises fresh issue aggregating to Rs 1004 crore and an offer for sale of up to 11,85,07,493 equity shares.

PPL's initial public offer will open for bidding on 17 May 2022 and it will close on 19 May 2022. The price band is set at Rs 39 to Rs 42 per share.

The bid lot for the offer has been finalized at 350 equity shares and in multiples of 350 equity shares thereafter.

Zuari Agro Chemicals is a single-window agricultural solution provider. It makes fertilizers, speciality fertilizers, organic manure and micronutrients.

On a consolidated basis, Zuari Agro Chemicals reported net profit of Rs 29.65 crore in Q3 December 2021 as against net loss of Rs 46.36 crore in Q3 December 2020. Net sales rose 149.18% to Rs 950.46 crore in Q3 December 2021 over Q3 December 2020.

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