Paramount Speciality Forgings IPO Day 3: Issue subscribed 5.69 times so far, check timeline and key details

Paramount Speciality Forgings IPO has received 5.69 times subscription so far on Thursday, the third day of bidding. The initial public offer, which is open from September 17 to September 20, has set a price band of ₹57-₹59 per equity share.

The ₹32.34 crore IPO consists of a fresh issuance of 48 lakh shares worth ₹28.3 crore and an offer-for-sale of shares worth ₹4.01 crore.

The company intends to use IPO proceeds to fund capital expenditures, such as purchasing machinery and equipment for the expansion of the Khalapur plant. A portion will also be used for general corporate purposes.

Paramount Speciality Forgings IPO: Timeline

After the subscription ends on Friday, the IPO share allotment will likely be finalised on September 23. Refunds will be processed to non-allottees on September 24. Shares will also be credited to the successful bidder's Demat account on the same day. Shares are likely to be listed on the NSE SME platform Emerge on September 25.

About Paramount Speciality Forgings

Established in 1996, Paramount Speciality Forgings is a manufacturer of steel forgings, offering an array of forged products.

The company has experience producing forged components, from as light as one kilogram to as heavy as four metric tons. Its products are used in sectors including chemicals, petrochemicals, oil and gas, fertilisers, nuclear power, and other heavy engineering industries.