Paragon Fine And Speciality Chemicals IPO Day 3: Issue subscribed over 205 times, all portions booked; check latest GMP

Paragon Fine And Speciality Chemicals IPO has opened for subscription on Thursday, October 26, and will close on Monday, October 30. Paragon Fine And Speciality Chemicals IPO's price band has been set in the range of ₹95 to ₹100 and investors can bid for a minimum of 1200 shares and in multiples thereof.

Paragon Fine And Speciality Chemicals IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

The company's promoters are Vallabh Ratanji Savaliya, Rutesh Vallabhbhai Savalia, Shivam Kishorbhai Patolia, Vallabh Jasmat Vasolia, and Kishorkumar Panchabhai Patolia. The shareholding pattern of the promoters and promoter group before the issue is 100%and after the issue is set at 73.60%.

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Paragon Fine and Speciality Chemicals is engaged in the production of highly complex and differentiated specialty chemical intermediates through custom synthesis. The company produces pigment intermediates, dye intermediates, pharma intermediates, AGRO intermediates, and cosmetic intermediates for a wide range of Indian and international clients.

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Paragon Fine IPO details

Paragon Fine And Speciality Chemicals IPO, which is worth ₹51.66 crore, is completely a fresh issue of 5,166,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

The company wants to use the proceeds of the issue to fund the following projects: - finance capital expenditure for civil construction work in Gujarat; finance capital expenditure for work in the existing factory premises; Repay some of our outstanding debts in full or in part; fund capital expenditure for the installation of new equipment and machinery for expansion; fund for working capital needs; General Corporate Purpose.

As per the RHP, Paragon Fine IPO listed peers are Aether Industries Ltd (P/E of 100.04), Anupam Rasayan India Ltd (P/E of 48.41), Anupam Rasayan India Ltd (P/E of 24.16), and Deepak Nitrite Ltd (P/E of 31.94).

Also Read: Paragon Fine and Speciality Chemicals IPO opens October 26, price band set at ₹95-100 apiece. Check GMP, other details

Paragon Fine and Speciality Chemicals IPO subscription status

Paragon Fine IPO subscription status was 205.61 times on day 3, so far. The issue received positive response from retail investors who's portion set was subscribed 185.04 times, and overwhelming response from non-institutional buyers who's portion set was subscribed 419.42 times, according to data on chittorgarh.com. Qualified Institutions Buyers (QIBs) portion was subscribed 81.38 times. 

The company has received bids for 70,61,58,000 shares against 34,34,400 shares on offer, at 18:03 IST, according to data on chittorgarh.com.

Paragon Fine IPO subscription status was 12.18 times on day 1, and the issue was subscribed 37.18 times on day 2.  

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Paragon Fine And Speciality Chemicals IPO GMP today

Paragon Fine IPO GMP today or grey market premium is +98. This indicates Paragon Fine share price were trading at a premium of ₹98 in the grey market on Monday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Paragon Fine share price was indicated at ₹198 apiece, which is 98% higher than the IPO price of ₹100.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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