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PPL sets IPO price band at Rs 39-42 per share



Zuari Agro Chemicals-backed fertiliser company Paradeep Phosphates Ltd (PPL) has set the price band for its Initial Public Offering (IPO) at Rs 39-42 per share having face value of Rs 10.

Through the IPO, the government will be offloadng its entire stake of 19.55 per cent in the company.

The IPO will open on May 17 for subscription and close on May 19.

The bidding for anchor investors will open on May 13, according to the Red Herring Prospectus (RHP).

Bids can be made for a minimum of 350 Equity Shares and in multiples of 350 Equity Shares thereafter.

The initial share sale 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 OFS, selling shareholders — Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and Government of India 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.

The Company intends to utilise the proceeds from the fresh issue towards part-financing the acquisition of a Goa facility, repayment and pre-payment of certain of its borrowings, and general corporate purposes.

Axis Capital, ICICI Securities, JM Financials, SBI Capital are the lead managers to the issue.

The shares will be listed in BSE and NSE.

Incorporated in 1981, PPL is a leader in manufacturing, trading, distribution and sales of a variety of complex fertilisers such as di-ammonium phosphate (DAP) and nitrogen-phosphorus-potassium (NPK) fertilisers.

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