Paradeep Phosphates Limited (PPL) shares were trading at Rs 45.45, representing an 8.21% premium over the issue price of Rs 42.

Also Read| Sensex surges over 500 points while Nifty around 16,330 in early trade

The stock was listed for Rs 43.55, a 3.69% premium to its initial public offering (IPO) price. So far, the stock has traded between Rs 47.25 and Rs 43.55. Until now, around 40.77 lakh shares of the company have changed hands on the exchange. PPL’s initial public offering (IPO) was 1.75 times subscribed.

Also Read| Trending Stocks: Hindalco, Piramal, Tata Power and others in news today

The offer began on May 17, 2022, and ended on May 19, 2022. The IPO price range was set at Rs 39-42 per share. The IPO included a new issue of equity shares for Rs 1,004 crore as well as an offer to sell up to 11,85,07,493 equity shares.

Also Read| Trade Setup: Top 13 things to know before market opens on May 27, 2022

The net proceeds of the fresh offer would be used to partially fund the acquisition of the Goa facility (Rs 520 crore), repay/prepay certain borrowings (Rs 300 crore), and fund general corporate purposes (Rs 300 crore).

Also Read| Stocks that should be on your watchlist on Friday, May 27, 2022

The company’s total outstanding borrowing as of 31 March 2022 is Rs 2,957.01 crore. PPL finalised the allocation of 10,72,66,532 equity shares to anchor investors on Monday, 13 May 2022, at an allocation price of Rs 42 per share, totalling Rs 450.51 crore, ahead of the IPO.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended over 2% up on Thursday

In the nine months ended December 2021, PPL’s net profit after minority interest was Rs 362.78 crore and total income was Rs 5,959.97 crore on a consolidated basis.

Also Read| Fuel price May 27, 2022: Petrol Rs 96.72, diesel Rs 89.62 in Delhi

For the nine months ending 31 December 2021, the firm was the second-largest private-sector maker of non-urea fertilisers in India and the second largest privately held manufacturer in terms of DAP volume sales.