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IPO-bound Paradeep Phosphates raises Rs 450 crore from anchor investors

By PTI

NEW DELHI: Fertilizer company Paradeep Phosphates on Friday said it has raised a little over Rs 450 crore from anchor investors days before the roll-out of its initial public offering.

The company has decided to allocate a total of 10,72,66,532 equity shares to anchor investors at Rs 42 apiece, aggregating the transaction size to Rs 450.52 crore, according to a circular uploaded on BSE website.

Goldman Sachs, BNP Paribas Arbitrage, Kuber India Fund, Copthall Mauritius Investment and Societe Generale are among the anchor investors.

In addition, seven domestic mutual funds -- ICICI Prudential Mutual Fund (MF), Nippon India MF, SBI MF, Tata MF, HDFC MF, DSP MF and Mirae MF -- also participated in the anchor round.

The IPO (Initial Public Offering) comprises fresh issuance of equity shares worth Rs 1,004 crore and an Offer-For-Sale (OFS) component of 11.85 crore equity shares by promoters and other selling shareholder.

As part of the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the government of India will sell up to 11,24,89,000 equity shares.

The government will be offloadng its entire 19.55 per cent stake in the company.

Currently, ZMPPL holds 80.45 per cent and the government of India owns the rest 19.55 per cent stake in the company.

The issue, with a price band of Rs 39-42 per share, will open on May 17 and conclude on May 19.

Proceeds of fresh issue will be used to partly finance the acquisition of the fertiliser manufacturing facility in Goa and payment of debt and general corporate purposes.

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

Its fertilizers are marketed under some of the key brand names in the market -- 'Jai Kisaan – Navratna' and 'Navratna.

Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the lead managers to the issue.

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Dive Deeper:
Paradeep Phosphates IPO opens next week. 10 things to know
Paradeep Phosphates IPO comprises fresh issuance of equity shares worth ₹1,004 crore and OFS of 11.85 crore equity shares
Paradeep Phosphates IPO: Price band, date, other details ahead of subscription opening next week
Paradeep Phosphates IPO comprises fresh issuance of equity shares worth ₹1,004 crore and OFS of 11.85 crore equity shares
Delhivery IPO collects ₹2,347 crore from anchor investors
Ahead of Delhivery IPO subscription opening , the public issue has collected ₹2,347 crore from anchor investors on Tuesday
Fertilizer maker Paradeep Phosphates to launch ₹1,500 cr IPO on 17 May
Govt to offload entire 19.55% stake
One subscription that gives you access to news from hundreds of sites
Paradeep Phosphates IPO opens for subscription today: 10 things to know
Paradeep Phosphates IPO: The government of India will be offloading its entire 19.55% stake in the company
Three IPOs worth ₹2387 crore to hit stock market this week. Details here
Upcoming IPOs: Three public issues — Paradeep Phosphates IPO, Ethos IPO and eMudhra IPO — are going to hit stock…
Get all your news in one place