Akash Jha
On October 26, Paragon Fine and Speciality Chemicals will conduct its initial public offering (IPO) for subscription at a price range of Rs 95-100 per share.
The IPO solely has a fresh issue component and no offer-for-sale component. As a result, the company will get the entire fresh issue proceeds, minus IPO expenditures.
The specialty, cosmetics, and pharmaceutical intermediate manufacturing company intends to raise Rs 51.66 crore through a public offering of 51.66 lakh shares at the upper price range.
Lot Size
The net issue for the general public amounts to 49.04 lakh shares, with qualified institutional purchasers being granted half of the allocation. A further 35% of the shares are allocated for retail investors, while 15% are reserved for high-net-worth individuals (non-institutional investors).
Bidding for equity shares in the offer is limited to a minimum of 1,200 shares, with subsequent bids accepted in multiples of 1,200 shares. Retail investors are restricted to applying for a single batch of 1,200 shares, each valued at Rs 1.2 lakh, in accordance with the investment limit of Rs 2 lakh.
The anchor book will be made available to the public for one day on October 25, and the offering will conclude on October 30.Goals of the Issue
The corporation will allocate Rs 1.07 billion from the net proceeds of the offering towards civil construction activities within the factory’s current premises, and Rs 7.87 billion towards the acquisition of supplementary plant and apparatus in preparation for future growth. Additionally, debt repayment will consume Rs 12.90 crore, while the remaining Rs 13 crore will be allocated to working capital needs and general corporate purposes.
Its total outstanding borrowings amounted to Rs 13.44 crore as of October 18, 2023.
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Financial Performance
In terms of prior financial performance, earnings growth increased in FY23 compared to the previous year, whereas growth was generally restrained in FY22 compared to the previous year. For the fiscal year ended March FY23, net profit increased 120.3 percent year on year to Rs 9.89 crore, with revenue from operations increasing 23.5 percent to Rs 102.3 crore.
Profitability was primarily driven by operating success, with EBITDA (earnings before interest, tax, depreciation, and amortisation) increasing by 118.5 percent year on year to Rs 12.83 crore and margin increase of 545 basis points to 12.54 percent for FY23.
The profit for the fiscal quarter ending June FY24 was Rs 3.62 crore on revenue of Rs 28.8 crore.
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Listing Date
The Ahmedabad-based company, which manufactures products for pharmaceuticals, medical devices, electronics, paper, leather, plastics, and polymers, will finalize the basis for allotment of IPO shares by November 2, and the equity shares will be credited to eligible investors’ demat accounts by November 6.
On November 7, trading in equity shares will begin on the NSE Emerge.
The issue’s merchant banker is Hem Securities, while the offer’s registrar is Bigshare Services.
