Home / Business and Economy / Paramount Syntex IPO Oversubscribed on Day 2
Paramount Syntex IPO Oversubscribed on Day 2
4 Oct
Summary
- Paramount Syntex's Rs 82 crore IPO was subscribed 1.35 times on its second day.
- Qualified Institutional Buyers showed immense interest, subscribing 119.29 times.
- The IPO, set to close on October 6, aims to raise Rs 82 crore through fresh issue.
Paramount Syntex's Rs 82 crore Initial Public Offering (IPO) garnered significant attention, achieving a subscription rate of 1.35 times by the second day of bidding on the BSE SME platform. The issue successfully received bids for 82.39 lakh shares against the 61.17 lakh shares available.
Investor interest varied across categories, with Qualified Institutional Buyers (QIBs) demonstrating exceptional demand by subscribing 119.29 times their allocated quota. In contrast, the retail individual investor portion saw 10% subscription, and the non-institutional investor segment was subscribed at a modest 2%.
The IPO, which opened on September 30, is open for subscription until October 6. Paramount Syntex, a Mumbai-based company established in 1996, specializes in manufacturing synthetic fibres, dyed fibres, and diverse yarn types. The public offer comprises a fresh issue of up to 64.40 lakh shares, aiming to raise approximately Rs 81.79 crore. Sobhagya Capital Options is managing the book-running lead for this SME IPO.
