Paradeep Phosphates IPO subscribed 51% day before close on retail interest

Paradeep Phosphates’ initial public offering (IPO) was subscribed 51 per cent on Wednesday, a day before its close. The retail investor portion of the issue was subscribed 91 per cent, high-networth individual (HNI) portion was covered 20 per cent and institutional investor category had received negligible bids. Paradeep Phosphates is India’s second-largest private sector manufacturer of phosphatic fertilizers. The company’s IPO comprises Rs 1,004 crore fresh fund raise and an offer for sale of Rs 498 crore. The price band for the issue is Rs 39-42 per share. At the top-end, the company is valued at Rs 3,421 crore. The