Paramount Speciality Forgings IPO Over-Subscribed 69 Times

New Delhi, Sep 20 (PTI) The initial public offer of Paramount Speciality Forgings got subscribed by 68.7 times on the last day of subscription on Friday.

The Rs 32.34-crore public offer of Paramount Speciality Forgings received bids for 26,96,40,000 shares, as against 39,22,000 shares, according to the NSE SME data.

The category for Non Institutional Investors received 220.54 times subscription, while the Retail Individual Investors (RIIs) portion garnered 41.29 times subscription.

The Qualified Institutional Buyers quota was subscribed 20.87 times.

The initial public offering (IPO) of Paramount Speciality Forgings comprises a fresh issue of 48.02 lakh equity shares and an Offer-for-Sale (OFS) of up to 6.8 lakh shares by promoters.

As part of the OFS, Aliasgar Roshan Hararwala, Aliasgar Abdulla Bhagat, Mohammed Salim Hararwala, Abdulla Aliasgar Bhagat, Hoozefa Saleem Hararwala, Abbasali Salim Hararwala, Zahid Mohamadi Hararwala and Roshan Alihusain Hararwala have offloaded their shares.

The Mumbai-based Paramount Speciality Forgings has fixed a price band of Rs 57 to Rs 59 a share for the issue.

The net proceeds from the fresh issue will be issued towards the capital expenditure through purchase of machinery and equipment required for expansion at its Khalapur Plant and general corporate purposes.

Incorporated in 1994, Paramount Speciality Forgings Ltd, is a manufacturer of steel forgings in India, offering a diverse range of forged products.

The company manufactures a range of forged products, including tube sheet blanks, forged rings, spacers, tyre rings, seats, valve bodies, and bonnet etc.

Paramount Speciality Forgings' products are used in various industrial applications including petrochemicals, chemicals, fertilizers, oil and gas, nuclear power, and heavy engineering sectors. It has two manufacturing facilities in Maharashtra.

Swaraj Shares and Securities was the sole book running lead manager, while Purva Sharegistry (India) was the registrar for the IPO.

The shares of the company will be listed on the NSE's SME platform Emerge.