Paragon Fine and Speciality Chemicals, a specialty manufacturer servicing the pharmaceutical and medical devices sectors, is set to launch its initial public offering (IPO) on Wednesday, October 26, 2023. The company has priced its shares between Rs 95-100 per share, intending to raise Rs 51.66 crore through the public issue of 51.66 lakh shares at the upper price band.
The net issue totals 49.04 lakh shares, distributed among various investor categories with a minimum bid of 1,200 shares. The anchor book opens on Tuesday, October 25, and the IPO concludes on Monday, October 30.
The funds raised will be allocated to various areas within the company. Civil construction will receive Rs 1 crore, machinery expansion will be granted Rs 7.87 crore, debt repayment will account for Rs 12.90 crore, and the remaining funds will be directed towards working capital needs.
As of Tuesday, October 18, 2023, Paragon's outstanding borrowings stood at Rs 13.44 crore. Despite this debt, the company reported a significant increase in its net profit for FY23, which rose by 120.3 percent to Rs 9.89 crore on revenues of Rs 102.3 crore with an EBITDA of Rs 12.83 crore.
The IPO is being managed by Hem Securities with Bigshare Services acting as the registrar to the offer. The allotment of IPO shares is expected to be finalized by Thursday, November 2, with trading commencing on NSE Emerge on Tuesday, November 7.
In related news, Blue Jet Healthcare is also preparing to launch an IPO; however, further details are yet to be disclosed.
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