Paragon Fine IPO: The initial public offering (IPO) of speciality chemical maker Paragon Fine and Speciality Chemicals opened for public subscription on Thursday, October 26. The Rs 51.66-crore SME IPO will remain open till October 30. Till 14.40 pm on the first day of bidding on Thursday, the IPO was subscribed 5.61 times receiving 2,07,32,400 bids, according to the latest NSE data.
The IPO allotment will take place on November 1 and the shares are likely to be listed on the NSE SME on November 7.
The unlisted shares of Paragon are trading Rs 85 higher than its upper issue price of Rs 100. The Rs 85 GMP is 85 per cent higher than the issue price, indicating an 85 per cent premium on the listing day.
The price band of Paragon Fine IPO has been fixed at Rs 95-100 apiece. Investors can bid for a minimum of 1,200 shares and in multiples thereof.
Paragon Fine And Speciality Chemicals IPO is a book built issue of Rs 51.66 crores. The issue is entirely a fresh issue of 51.66 lakh shares.
The minimum amount of investment required by retail investors is Rs 1,20,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to Rs 2,40,000.
Paragon Fine and Speciality Chemicals, which was incorporated in 2004, is involved in the business of custom synthesis and manufacturing of speciality chemical intermediates involving complex and differentiated chemistry. The company manufactures Pharma Intermediates, AGRO intermediates, Cosmetics Intermediates, Pigment Intermediates and Dye Intermediates for a diverse Indian and Global customer base.
The company’s manufacturing unit is located in Viramgam District, Ahmedabad, Gujarat covering approximately 7000 square meters of area, equipped with high-end reactors to carry out research for developing new products.
The company’s R&D team has successfully carried out the multi-step synthesis and developed multiple new molecules in the area of specialty intermediates and as a result, enhanced their product portfolio to around 140 products in Fiscal 2023. As of March 31, 2023, we have a team of 14 technocrats who are engaged in Research and development.