Paradeep Phosphates Shares Close Below Listing Price On Day 1 On Bourses

Paradeep Phosphates share price in trade on Friday (May 27, 2022) on day 1 of listing settled just below the listing price of Rs. 44 on the NSE.

The company via its issue raised Rs. 1501.73 crore was open for subscription between May 17-19. The IPO price band has been at Rs. 39-42 per share.

Paradeep Phosphates Shares Close Below Listing Price On Day 1 On Bourses

The issue was subscribed 1.75 times, while the QIB portion subscribed over three times, retail investors was booked 1.37 times, whereas the HNI portion fetched only 82 per cent bids.

Incorporated in 1981, Paradeep Phosphates is the second-largest private sector manufacturer of non-urea fertilizers and Di-Ammonium Phosphate (DAP) with respect to sales volume

The company as against the issue price of Rs. 42, made a debut at a 4% premium than the issue price of 44 on the NSE. The shares last settled at a price of Rs. 43.9 per share.

The company's IPO GMP just before the listing day had been weak hinting at a muted listing.

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