Paramount Speciality Forgings IPO booked 74 times on day 4 driven by strong demand from NIIs

The initial public offering (IPO) of Paramount Speciality Forgings Limited was booked 73.91 times on the last day of the bidding, September 20. Investors placed bids for more than 26.95 crore shares compared to 36.46 lakh shares on offer in the NSE SME issue.

Non-institutional investors led the IPO demand, applying for over 17.24 crore shares against 7.82 lakh shares set aside for the category. NIIs booked their portion 220.54 times.

The issue was subscribed 41.29 times in the retail Investors category with applications for 7.53 crore shares against 18.24 lakh shares.

Qualified Institutional Buyers (QIBs) booked their allocation 20.87 times. QIBs applied for 2.17 crore shares against 10.40 lakh shares offered to them.

Paramount Speciality Forgings IPO offer size and price band

Paramount Speciality Forgings IPO was a book-built offering valued at ₹32.34 crore. It consisted of a fresh issue of 48.02 lakh shares, aggregating to ₹28.33 crore, and an offer-for-sale (OFS) of 6.8 lakh totalling ₹4.01 crore.

The IPO price band for the company was set in the range of ₹57 to ₹59 apiece.

Retail investors could have applied in the IPO with a minimum lot size of 2000 shares, aggregating to an investment of ₹1,18,000. , all adhering to national and international standards.

Paramount Speciality Forgings IPO dates

The Paramount Speciality Forgings IPO opened for bidding on September 17. With the conclusion of the subscription process, the company will now finalise the share allotment status in the IPO on September 23.

Successful bidders will receive shares in their demat account on September 24. Refunds for the non-allottees will also be initiated on the same day.

The company's shares are likely to be listed on the NSE SME platform, Emerge, on September 25.

Paramount Speciality Forgings IPO registrar

Purva Sharegistry India Private Limited is the registrar of the company's IPO while Swaraj Shares and Securities Private Limited is acting as the book-running lead manager for the issue.

The company has appointed Sherni Shares Ltd as the market maker for the IPO.

Paramount Speciality Forgings IPO objective

Paramount Speciality Forgings plans to use the net proceeds to purchase machinery and equipment for its Khopoli plant. A portion of the money will also be used for general corporate purposes.

About Paramount Speciality Forgings

Paramount Speciality Forgings Limited, founded in 1994, is a leading manufacturer of steel forgings in India. With two manufacturing facilities in Maharashtra, the company produces items like tube sheet blanks, forged rings and valve bodies.

Its clientele includes companies operating in industries such as petrochemicals, oil and gas and heavy engineering.