Paramount Speciality Forgings IPO Allotment Finalized, Investors Can Check Status Online

Mumbai, September 24, 2024 – Paramount Speciality Forgings Limited, a prominent name in the steel forging industry, has completed the allotment process for its Initial Public Offering (IPO), which was subscribed nearly 69 times on the last day of its subscription period. Investors who participated in this eagerly anticipated IPO can now check their allotment status through the dedicated “IPO Allotment” section available on the company’s official website and various financial portals.

Check allotment.

The IPO, which aimed to raise approximately ₹32.34 crore, saw an overwhelming response from investors across categories. The shares were priced at ₹57 to ₹59, and the final allotment was determined after the market closed on September 23, 2024. The basis of allotment was finalized on Monday, September 23, with the shares credited to investors’ demat accounts by Tuesday, September 24, 2024.

The IPO comprised a fresh issue of 4,802,000 equity shares and an Offer-for-Sale (OFS) of up to 680,000 shares by promoters. This move was part of the company’s strategy to fund capital expenditure, particularly for the purchase of machinery and equipment required for expansion at its Khalapur Plant, alongside general corporate purposes.

The subscription figures were particularly impressive, with the Non-Institutional Investors category receiving 220.54 times subscription, Retail Individual Investors (RIIs) at 41.29 times, and the Qualified Institutional Buyers quota at 20.87 times, underscoring strong investor interest in Paramount Speciality Forgings.

Investors can visit [ipo allotment status link] to check if they have been allotted shares. Those who have been allocated shares can expect to see them in their demat accounts by today, setting the stage for trading on the NSE SME platform, where the shares are expected to list on September 25, 2024.

The successful allotment and forthcoming listing of Paramount Speciality Forgings Limited’s shares are anticipated to be a significant event in the SME IPO market, reflecting the sector’s health and investor confidence in niche manufacturing industries.

This article provides a comprehensive overview of the IPO allotment process for Paramount Speciality Forgings Limited, directing investors to check their status and providing background information on the IPO’s performance.