Paramount Printpackaging IPO over subscribed 3.28 times on final day

MUMBAI: The initial public offer of Paramount Printpackaging got fully subscribed 3.28 times till 1600 hrs on the final day of issue today.

The company's IPO received bids of 4.28 crore shares as against 1.3 crore shares on offer, according to data available on the National Stock Exchange website.

Paramount has entered the capital market with a price band of Rs 32-35 per equity share for the Rs 40-crore IPO.

The issue, which opened for subscription on April 20, closed today.

The company plans to utilise the proceeds of the IPO to set up a new facility for manufacturing high-end duplex board cartons, shippers and printed corrugated box in Gujarat as well as augment the company's long term working capital requirements.

Onelife Capital Advisors is the book running lead manager to the issue.

The company's shares will be listed on the NSE and BSE. Paramount Printpackaging caters to over 100 clients in various sectors such as FMCG, pharma, electricals, auto ancillary, food and beverages.