Paradeep Phosphates IPO scrapes through on Day 3; issue subscribed 1.75x

The retail investor portion of the issue was subscribed 1.37 times, HNI portion was covered 82% and institutional investor category saw three times subscription

The Rs 1,500-crore initial public offering (IPO) of Paradeep Phosphates managed to scrape through despite challenging market conditions. 

The issue, which closed on Thursday, managed to garner 1.75 times subscription. 

The retail investor portion of the issue was subscribed 1.37 times, high-networth individual (HNI) portion was covered 82 per cent and institutional investor category saw three times subscription. 

Paradeep Phosphates is India’s second-largest private sector manufacturer of phosphatic fertilizers. 

The company raised Rs 1,004 crore fresh capital through the IPO and the remaining for secondary share sale. The price band for the issue was Rs 39-42 per share. At the top-end, the company is valued at Rs 3,421 crore.