Paramount Printpackaging’s proposed initial public offer (IPO) has been subscribed 0.22 times on its second day. The company has fixed the price band at Rs. 32-35 per share for its IPO. The company has proposed an IPO of 1.3 crore equity shares ofRs. 10 each through 100 per cent book building process, to part finance its expansion plans. The issue has opened on April 20, 2011 and will close on April 25, 2011.
As per the NSE-BSE demand graph available on NSE website at 17.00 pm, it has received 2920500 bids against the issue size of 13094175 shares, 1183500 bids have been received at the cut off price.
The book running lead manager to the issue is Onelife Capital Advisors.
The proceeds of the issue will be used by the company for setting up new facilities for manufacturing of high end duplex board cartons, shippers and printed corrugated box in Gujarat as well as augment the company’s long term working capital requirements. Paramount Printpackaging caters to over 100 clients in various sectors like FMCG, Pharma, Electricals, Auto ancillary and Food. The company at present has the capacity to convert about 500 tons of paper board every month, which in terms of finished products works out to an average of 20 lakh cartons a day. The company offers a packing solutions consisting of a wide range of cartons, which is complemented by print finishes such as stamping, embossing, complex varnishing and security features.
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