Shares of Paradeep Phosphates made a strong debut at the exchanges on Friday, listing at a premium of 4.76 per cent over the issue price of Rs 42.
The fertilizer company's stock opened at Rs 44 on NSE and soon climbed to its intraday high of Rs 47.25, rising 12.50 per cent in early trade.
On BSE, it started trading at Rs 43.55, listing at a premium of 3.69 per cent.
The initial public offering (IPO) was open for subscription between May 17 and May 19.
The company had raised around Rs 450 crore from anchor investors.
The IPO comprised a fresh issuance of equity shares worth Rs 1,004 crore and an offer-for-sale (OFS) component of 11.85 crore equity shares by promoters and other selling shareholders.
As part of the OFS, Zuari Maroc Phosphates Pvt Ltd (ZMPPL) will offload 60,18,493 equity shares and the government will sell up to 11,24,89,000 equity shares.
The Centre will be offloading its entire 19.55 per cent stake in the company.
Currently, ZMPPL holds 80.45 per cent and the government of India owns the rest 19.55 per cent stake in the company.
Paradeep Phosphates is primarily engaged in manufacturing, trading, distribution and sales of complex fertilizers such as Di-Ammonium Phosphate (DAP) and NPK fertilizers.
Its fertilizers are marketed under some of the key brand names in the market -- "Jai Kisaan – Navratna" and "Navratna".
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