Paramount Syntex subscribed 1.3 times on day 2 of bidding; QIB book hits 119 times

The initial share sale of Paramount Syntex was subscribed 1.35 times on the second day of bidding at the BSE SME platform, according to a company statement.

The company's Rs 82-crore initial public offering (IPO) received bids for 82.39 lakh equity shares against 61.17 lakh shares, translating to 1.35 times at the BSE SME platform.

The quota for qualified institutional buyers received 119.29 times subscription, while the portion for retail individual investors subscribed 10 per cent. The non-institutional investor portion was subscribed a mere 2 per cent.


The IPO kicked off on September 30 and will conclude on October 6. The Mumbai-based company set a price band of Rs 119-127 per equity share.

The public offer is entirely a fresh issue of up to 64.40 lakh shares, aggregating to Rs 81.79 crore.

Incorporated in 1996, Paramount Syntex Ltd manufactures synthetic fibres, dyed fibres, and various types of yarns, including acrylic, polyester, wool, nylon, and blended yarns.

Sobhagya Capital Options is the sole book-running lead manager for the SME IPO.