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Shares of chemical company Paradeep Phosphates made a strong debut on domestic exchanges on Friday, with the stock trading at a 4% premium to its issue price. On the Bombay Stock Exchange (BSE), the fertilizer company’s stock debuted at ₹43.55, a 4% premium to its issue price of ₹42 per share. The small-cap stock opened at ₹44, up 4.76% on the National Stock Exchange (NSE).
Post listing, Paradeep Phosphates shares gained as much as 12.5% to hit an intraday high of ₹47.25 on BSE. It has touched a low of ₹42.95 during the session so far. Volume-wise, 67.6 lakh shares worth ₹30.6 crore changed hands, while the market cap jumped to ₹3,653 crore. Meanwhile, the BSE Sensex was trading 593 points higher at 54,845 levels at the time of writing.
It is the ninth company to list on Dalal Street in FY 2022-23 (FY23) after Delhivery, Venus Pipes and Tubes, Prudent Corporate Advisory Services, Life Insurance Corporation (LIC) of India , Rainbow Children’s Medicare, Campus Activewear, Hariom Pipe Industries and Veranda Learning Solutions. Of these, Hariom Pipe, Campus, and Veranda Learning have been the best performing IPOs so far, generating returns of 40%, 21.5%, and 14.5%, respectively, year-to-date versus at their issue prices. LIC of India, the country’s biggest ever IPO, failed to elicit a strong response from investors as the share price fell almost 9% from its IPO price. emission.