Odisha-Based PPL’s Public Offer To Open On May 17

Bhubaneswar: Odisha-based Paradeep Phosphates Limited (PPL)’s initial public offering (IPO) will open on May 17 and close on May 19.

The price band of the IPO has been fixed at Rs 39 per equity share to Rs 42 per per each share’s face value of Rs 10. Bids can be made for a minimum of 350 shares and in multiples of 350 shares. The offer period starts from one working day prior to opening date, that is, May 13.

PPL’s proposed IPO comprises fresh issue aggregating to Rs 1004 crore and an offer for sale of upto 118,507,493 equity shares by promoter selling shareholders and Government of India selling shareholder. 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 intends to utilise net proceeds from fresh issue towards financing the acquisition of its Goa facility, payment of certain borrowings and general corporate purposes.