Paradeep Phosphates IPO subscribed 51% day before close on retail interest
Retail investor portion subscribed 91%, HNI 20%; institutional investor category received negligible bids Paradeep Phosphates ’ initial public offering (IPO) was subscribed 51 percent on Wednesday, a day before its close. The retail investor portion of the issue was subscribed 91 percent, the high-networth individual (HNI) portion was covered 20 percent and institutional investor category had received negligible bids. Paradeep Phosphates is India’s second-largest private sector manufacturer of phosphatic fertilizers. The company’s IPO comprises Rs 1,004 crore fresh fund raise and an offer for sale of Rs 498 crore. The price band for the issue is Rs 39-42 per share. At the top-end, the company is valued at Rs 3,421 crore. The price-to-earnings (P/E) ratio works out to 7.1 times based on FY22 annualised earning per share of Rs 5.94, nearly half the industry average P/E of 14 times. Ethos IPO subscribed 27% on day 1 Luxury watch retailer Ethos’ initial public offer...