Parmeshwar Metal IPO allotment to be finalised on January 7: Steps to check status on BSE, Link Intime India

Small and medium enterprise (SME) Parmeshwar Metal Limited is set to finalise the share allotment status for its initial public offering (IPO) on Thursday, January 7.

The BSE SME IPO was open from January 2 to January 6. The issue was booked over 607 times during the three-day bidding period. The IPO received bids for more than 163.65 crore shares against 26.96 lakh shares on offer.

The retail segment was booked 597.1 times, while the non-institutional investors’ (NIIs) category was subscribed 1,203.1 times. The qualified institutional buyers’ (QIBs) segment was booked over 177 times.

The investors awaiting IPO allotment status can check the details of share allocation online on the websites of the BSE and the issue registrar, Link Intime India Private Limited.

How to check Parmeshwar Metal IPO allotment status online on the BSE website

• Visit the BSE IPO allotment status page at: https://bseindia.com/investors/appli_check.aspx.
• Select ‘Equity’ as the issue type.
• From the ‘Issue Name’ dropdown menu, select ‘Parmeshwar Metal Limited’.
• Then identify yourself using either PAN details or IPO application number.
• Click on the ‘I’m not a robot’ tab and press the ‘Search’ button.
• You can view whether any shares have been allotted against your PAN or not.

Steps to check Parmeshwar Metal IPO allotment status on Link Intime India

• Visit the issue registrar’s official website at: https://www.linkintime.co.in/.
• Click on the ‘Public Issues’ section on the home page.
• Under the ‘Please Select Company’ option, choose ‘Parmeshwar Metal Limited’ from the dropdown menu.
• After selecting the company name, you can your PAN details, IPO application number, Demat account Number (DP ID/Client ID) or your account number/IFSC code.
• Click on the ‘Submit’ option and you would be able to check the allotment status of your application on your screen.

Successful bidders can expect the shares to be credited into their demat account by January 8, with refunds being initiated for others the same day.

Parmeshwar Metal IPO: Offer details

Parmeshwar Metal is a leading manufacturer of high-quality copper wire rods, serving a wide range of industries including power cables, building wires, transformers, automotive and household cables, among others.

Here are the key details about the BSE SME IPO:

• The copper wire and rod manufacturer aimed to raise ₹24.74 crore through the IPO.
• The IPO consisted exclusively of a fresh issuance of 40.56 lakh shares, with no offer-for-sale (OFS).
• The IPO price band was fixed at ₹57 to ₹61 per share.
• The minimum lot size for retail investors was 2,000 shares, amounting to an investment of ₹1,22,000.
• The Parmeshwar Metal stock is scheduled to be listed on the BSE SME platform on January 9.

Parmeshwar Metal IPO: Use of funds

The company plans to set up new manufacturing facilities at its existing site in Gujarat to produce bunched copper wire rods. These new facilities will incorporate advanced machinery such as wire drawing, bunching machines, and rod breakdown machines to improve production capacity.

The IPO proceeds will be used for setting up this new manufacturing facility at Dehgam, Gujarat. A portion of the funds will also be used for general corporate purposes.

Parmeshwar Metal IPO: Company financials

Parmeshwar Metal managed to grow its business in the financial year 2023-24, but profits took a hit despite an increase in revenue.

Parmeshwar Metal IPO: Promoter Shareholding

Parmeshwar Metal’s promoters are Shantilal Kailashchandra Shah, Suchitkumar Maheshbhai Patel, Piyush Giriraj Shah, Radheshayam Jankilal Shah, Parth Maheshbhai Patel, Pratik Radheshyam Shah and Kailashben Radheshyam Shah.