Paradeep Phosphates made a positive debut on Dalal Street as the urea-free fertilizer maker traded at Rs 43.55, a 4% premium to its issue price of Rs 42 in BSE.
On the National Stock Exchange (NSE), the auditor traded at a premium of 5% at Rs 44 over the quoted issue price.
A day before the listing, shares of Paradeep Phosphates were trading on the grey market at a premium of Rs 0.5 each, signalling a muted listing for the company.
Paradeep Phosphates raised Rs 1,501.73 crore through its main share sale which was open for subscription on May 17-19 when the company sold its shares in the range of Rs 39-42 a share.
The issue was subscribed a total of 1.75 times, with the proportion of QIB investors more than tripling subscriptions. The retail part was booked 1.37 times while the HNI part generated only 82% of the transactions.
Established in 1981, Paradeep Phosphates is the second largest privately held manufacturer of urea-free diammonium phosphate (DAP) fertilizers by sales volume for the nine months ended December 31, 2021.
Urea-free fertilizer manufacturer is engaged in the manufacture, marketing, distribution and sale of a variety of complex fertilizers under the Jai Kisaan-Navratna and Navratna brands.
As of March 31, 2022, it distributes products in 14 states of India. The company's network includes 4,761 distributors and over 67,150 retailers serving over five million farmers in India.
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