Paradip Phosphates Limited will open its three-day initial public offering (IPO) next week on Tuesday, May 17, 2022. The Anchor Investor Bid Period will open one working day prior to the issue i.e. Monday, May 13, 2022. Fertilizer company has fixed price range: 39-42 per share.
Paradip Phosphate IPO description –
- The price band of the offer has been fixed 39-42 per equity share face 10 each. Bidding can be made for a minimum of 350 equity shares and in multiples of 350 thereafter
- This issue includes fresh issue of equity shares, the face value of which is the aggregate of 10 each share 1,004 crore and 118,507,493 equity shares offered for sale by promoter and existing shareholders
- The OFS consists of 6,018,493 equity shares held by Zuari Maroc Phosphates Private Limited (ZMPPL) and 112,489,000 equity shares by the President of India, acting through the Ministry of Chemicals and Fertilizers, Government of India.
- The government will sell its entire 19.55 per cent stake in the company through an issue which will close on May 19.
- At the upper end of the price band, the sale value of the secondary share by the promoter and the government will be 497.7 crores.
- At present, ZMPPL holds 80.45 per cent stake in Paradip Phosphates, while the government holds 19.55%.
- The Company intends to utilize the net proceeds from the fresh issue for acquisition of the Goa facility, repayment/prepayment of certain of our borrowings; and general corporate purpose
- Established in 1981, Paradip Phosphates Limited is primarily engaged in manufacturing, trading, distributing and selling various types of Complex Fertilizers like Di-Ammonium Phosphate (DAP) and NPK Fertilizers.
- Axis Capital Limited, ICICI Securities Limited, JM Financial Limited and SBI Capital Markets Limited are the Book Running Lead Managers of the Offer.
- The shares of the company are expected to be listed on the stock exchanges on May 27, 2022.