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Shares of Paramount Dye Tec were trading at Rs 107.50 on the BSE, a discount of 8.12 per cent to the issue price of Rs 117.
The scrip was quoted at Rs 109.90, a discount of 6.07% to the initial public offering (IPO) price. The stock was currently down 2.18% from its trading price.
The counter hit a high of Rs 109.90 and a low of Rs 104.40. Around 4.44 lakh shares of the company changed hands on the counter.
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Paramount Dye Tec’s IPO was subscribed 33.36 times. The issue was opened for bidding on September 30, 2024 and closed on October 3, 2024. The price band for the IPO was fixed between Rs 111 and Rs 117 per share.
The IPO included a fresh issue of 24,30,000 shares. The shareholding of the promoter and promoter group has been diluted to 64.97% from 99.97% before the IPO.
The company intends to use the net proceeds for the establishment of a manufacturing unit, repayment or prepayment of certain debt facilities availed by the company, expenses relating to registration of land purchased from promoter and for general corporate purposes.
Ahead of the IPO, Paramount Dye Tec on September 27, 2024, raised Rs 8.08 crore from anchor investors. The board of directors allotted 6.91 lakh shares at Rs 117 per share to 4 key investors.
Paramount Dye Tec produced yarns by recycling synthetic fiber waste, aimed at the B2B segment of the textile industry. The company offered a range of products including synthetic fibers and yarns such as acrylic, polyester, nylon, wool, hand knit and acrylic blend yarns, known for their quality, durability and lasting excellence. The company sold acrylic fabric and other products like blended yarn, nylon, polyester yarn and acrylic yarn. The company has 37 employees.
The company recorded an operational turnover of Rs 23.51 crore and a net profit of Rs 3.54 crore for the period ending March 31, 2024.
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First publication: October 8, 2024 | 1:52 p.m. STI