Paradeep Phosphates plans IPO as government seeks exit route

The company prepared a draft red herring prospectus and sought views, as well as a go-ahead, from DIPAM

Paradeep Phosphates has approached the government to seek its approval for an IPO of the fertilizer company.

The company is majorly owned by Zuari Maroc Phosphates (80.45 per cent), which is a joint venture between Zuari Agro Chemicals and Maroc Phosphore. The Government of India owns 19.55 per cent of the company. Zuari Agro is an Adventz group company and Maroc Phosphore is a wholly owned subsidiary of OCP, Morocco.

The company has prepared a draft red herring prospectus and sought views, as well as a go-ahead, from the Department of Investment and Public Asset Management (DIPAM), said an official, adding, the