Paradeep Phosphates' shares made a decent debut on Dalal Street on Friday with the stock of the fertiliser company opening at Rs 44 apiece on NSE — a premium of Rs 2 or 4.8 percent over its issue price of Rs 42.

Share Market Live

NSE

Paradeep shares began their journey on BSE at Rs 43.6 apiece, a premium of 3.7 percent.

The listing on BSE and NSE was in line with the trend seen on the grey market — an unofficial market for unlisted securities — in the past few days.

ALSO READ: What grey market really is

Paradeep Phosphates' Rs 1,500 crore initial public offering (IPO) saw an overall subscription of 1.8 times the shares on offer.

The initial share sale, which was a combination of fresh issuance and an offer for sale (OFS), was open for bidding from May 17 to May 19.

Potential investors could bid for Paradeep shares in a range of Rs 39-42 apiece in multiples of 350. At the upper end of the price band, one lot is worth Rs 14,700.

The listing of Paradeep Phosphates comes amid wild swings on Dalal Street, with benchmark indices having retreated more than 13 percent from their peaks amid sustained foreign fund outflows.

Catch latest market updates with CNBCTV18.com's blog

First Published:May 27, 2022 10:05 AM IST