Shares of Paradeep Phosphates listed at ₹43.55 on the BSE on Friday, a 3.7% premium over its IPO price of ₹42. The stock ended 4.6% above its issue price at ₹43.95 after touching a high of ₹47.25 during the day. On the NSE, the stock listed at a premium of 5% at ₹44.
Earlier this month, the company had raised ₹1,501.73 crore through its IPO that was priced in the range of ₹39 to ₹42 per share.
The issue was subscribed 1.75 times with the qualified institutional buyers’ category getting subscribed 3 times and retail category subscribed 1.4 times. The non-institutional investors’ portion was subscribed 0.8 times.
Analysts said the market debut was impacted by overall weak market conditions that have prevailed of late.
The company intends to utilise the proceeds from the issue to part finance acquisition of a facility in Goa and for repayment as well as prepayment of certain borrowings. For the nine months ended December 31 2021, the company reported a profit of ₹362.78 crore on a revenue of ₹5,973.68 crore.
“The company being the second-largest private sector manufacturer of Phosphatic fertilizers in India is well-positioned to capture favorable Indian fertilizer industry dynamics supported by conducive government regulations,” said Hem Securities in a note.
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