Paradeep Phosphates, Shares Gain 5 Pc In Debut Trade

Shares of Paradeep Phosphates jumped 5 per cent against its issue price of Rs 42 in debut trade on Friday. The stock got listed at Rs 43.55, a jump of 3.69 per cent against the issue price earlier in the day on the BSE. During the day, it jumped 12.5 per cent to Rs 47.25. Shares of the company finally settled at Rs 43.95 apiece, a gain of 4.64 per cent.

On the NSE, the stock made its debut at Rs 44, up 4.76 per cent. It ended at Rs 44.10 apiece, higher by 5 per cent. In volume terms, 77.31 lakh shares were traded on the BSE and over 9.92 crore shares on the NSE during the day.

The Initial Public Offer (IPO) of Paradeep Phosphates was subscribed 1.75 times last week. It had a fresh issue aggregating up to Rs 1,004 crore and an offer for sale of up to 11,85,07,493 equity shares. The price range for the offer was Rs 39-42 per share.

Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.

(PTI)