IPO Of Odisha-Based PPL Subscribed 29% On Opening Day

Bhubaneswar: The initial public offer (IPO) of Odisha-based Paradip Phosphates (PPL) was subscribed 29% on the opening day on Tuesday.

According to stock exchange data, the company received bids for 7,86,87,000 shares against 26,86,76,858 shares on offer. The issue will close on Thursday.

The price band of the IPO is fixed at Rs 39-42 per share’s face value of Rs 10. An investor can bid for a minimum of 350 equity shares and in multiples thereof. The IPO comprises a fresh issue of equity shares worth to Rs 1004 crore and an offer for sale upto 11,85,07,493 equity shares. The offer for sale comprises 6,018,493 shares by Zuari Maroc Phosphates Private Limited and 112,489,000 shares by the government.

The shares offered in this offer are proposed to be listed in both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). 

Axis Capital Limited, ICICI Securities Limited, JM Financial Limited and SBI Capital Markets Limited are the book running lead managers of the IPO.

The company proposes to utilize the net proceeds of the fresh issue towards part-financing the acquisition of the Goa facility amounting to Rs 520 crore, repayment/prepayment of certain borrowings amounting to Rs 300 crore, and balance towards general corporate purposes. The aggregate outstanding borrowing of the company was Rs 2957.01 crore as on March 31.