The final day of bidding, on September 20, the initial public offering (IPO) of Paramount Speciality Forgings Limited, was booked 73.91 times. Over 26.95 crore shares were bid for by investors, out of the 36.46 lakh shares that were offered in the NSE SME issue.
With over 17.24 crore shares applied for versus the 7.82 lakh shares reserved for the category, non-institutional investors led the IPO demand. NIIs made 220.54 bookings for their portion.
In the retail investor category, applications for 7.53 crore shares compared to 18.24 lakh shares were submitted 41.29 times for the issue.
A total of 20.87 bookings were made by Qualified Institutional Buyers (QIBs). In response to an offer of 10.40 lakh shares, QIBs applied for 2.17 crore shares.
Listing and subscription timetable
Bidding for the Paramount Speciality Forgings IPO began on September 17. Now that the subscription process has ended, the company will officially announce the share allotment status for the initial public offering (IPO) on September 23.
On September 24, shares will be transferred to the winning bidders' demat accounts. On the same day, refunds for those who were not allocated will also begin.
It is anticipated that on September 25, the company's shares will be listed on the NSE SME platform, called the NSE Emerging Exchange.
Price band and minimum bid for IPO
The company's initial public offering (IPO) price range was set at Rs 57 to Rs 59 per share.
Following national and international regulations, retail investors with a minimum lot size of 2000 shares, totalling an investment of Rs 1,18,000, were eligible to apply for the IPO.
IPO size and structure
The book-built offering for Paramount Speciality Forgings' IPO had a valuation of Rs 32.34 crore. It was made up of an offer-for-sale (OFS) of 6.8 lakh shares, worth Rs 4.01 crore, and a new issue of 48.02 lakh shares, worth Rs 28.33 crore.
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The net proceeds will be used by Paramount Speciality Forgings to buy machinery and equipment for its plant in Khopoli. Additionally, a portion of the funds will be utilised for standard business needs.
