The Paragon Fine and Speciality Chemical IPO has seen massive 33 times subscription on October 27, the second day of bidding, as investors have bought 12.63 crore equity shares against the offer size of 36.96 lakh shares.
Investors from across categories supported the issue with retail participants buying 48.4 times the allotted quota, high networth individuals 39.3 times and QIB 14.63 times the portion set aside for them.
The Rs 51.66-crore public issue was subscribed 11.07 times on October 26, the first day of subscription.
The offer, which will close on October 30, comprises only a fresh issue by the company. The net fresh issue proceeds will be utilised for construction at its factory premises at a cost of Rs 1 crore, and the installation of additional plant and machinery for expansion will be done at a cost of Rs 7.87 crore
Further, the firm will cut down its debt by Rs 12.90 crore and the remaining Rs 13 crore will be spent for working capital requirements & general corporate purposes.
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Of the total issue size of Rs 51.66 crore, the Ahmedabad-based speciality, cosmetics, and pharma intermediates manufacturing company has already raised Rs 14.7 crore from anchor investors including Morgan Stanley, MAIQ Growth Scheme, LC Radiance Fund VCC, Finavenue Growth Fund, and Nova Global Opportunities Fund.
With manufacturing facility in Ahmedabad, the diverse range of products manufactured by Paragon Fine are used across various industries, including pharma, agrochemicals, cosmetics, pigments and dyes.
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