Paradeep Phosphates is engaged in manufacturing, trading, distribution and sales of complex fertilisers.New Delhi: Fertiliser company Paradeep Phosphates Ltd’s initial public offering (IPO) opened for subscription on Tuesday. The price band for the public issue, which concludes on May 19, has been fixed at Rs 39-42 per share.Through the initial share sale, the government will be offloading its entire 19.55 per cent stake in the company.The IPO comprises fresh issuance of equity shares worth Rs 1,004 crore and an offer for sale component of 11.85 crore equity shares by promoters and other selling shareholder.As part of the offer-for-sale (OFS), selling shareholders — Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the Centre will sell up to 11,24,89,000 equity shares.At present, ZMPPL owns 80.45 per cent shareholding in Paradeep Phosphates, while the government has 19.55 per cent stake.Incorporated in 1981, Paradeep Phosphates Ltd is primarily engaged in manufacturing, trading, distribution and sales of complex fertilisers such as Di-Ammonium Phosphate (DAP) and NPK fertilisers.It has raised a little over Rs 450 crore from anchor investors days before the roll-out of its initial public offering.Goldman Sachs, BNP Paribas Arbitrage, Kuber India Fund, Copthall Mauritius Investment and Societe Generale are among the anchor investors.Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the issue.
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