Paradeep Parivahan IPO reaches 95% subscription in Odisha

Paradeep Parivahan's IPO, which opened on March 17, has seen a strong response from investors. By 2:10 PM on the final day of bidding, the overall subscription reached 95%. The company plans to raise Rs 45 crore through this issue, offering 45.78 lakh shares. Retail investors contributed significantly, with a 95% subscription rate. Non-institutional investors were even more involved, subscribing at a rate of 97%. Qualified institutional buyers had a subscription of 91%. The IPO price band is set between Rs 93 and Rs 98 per share. Investors can bid for a minimum of 1,200 shares in one lot. The company aims to use the funds raised for working capital and general corporate needs. As of now, the shares have no Grey Market Premium (GMP), indicating no extra value is seen over the top price of Rs 98. The share allotment process is expected to be completed on March 20, with the listing scheduled for March 24 on the BSE SME platform. Founded in 2000, Paradeep Parivahan offers various services related to logistics and cargo at Paradip Port, Odisha. The company serves several industries, including shipping, cement, and steel. Share India Capital Services is the lead manager for the IPO, while Bigshare Services acts as the registrar.