Parmeshwar Metal IPO update; GMP zooms 33%, subscription gathers pace

Parmeshwar Metal IPO opened for public subscription today on January 2, 2025, and will close on Monday, January 6, 2025

Parmeshwar Metal IPO GMP: The unlisted shares of manufacturer Parmeshwar Metal were commanding a solid premium in the grey market as its initial public offering (IPO) opened for subscription today, January 2, 2025. Parmeshwar Metal IPO is a book-built issue of Rs 24.74 crore, comprising entirely a fresh issue of 4.05 million shares. The public offering is available at a price band of Rs 57-61, with a lot size of 2,000 shares.

 

Sources tracking unofficial market activities revealed that the company’s shares were trading at around Rs 81 apiece, reflecting a grey market premium (GMP) of Rs 20 or 32.79 per cent per share.

 

 

The SME offering has been subscribed around 73 per cent till around 11:09 AM on January 2, 2025.  Also read: Anya Polytech IPO Listing

 

Parmeshwar Metal IPO will remain available for public subscription till Monday, January 6, 2025. Following that, the basis of allotment of shares will be finalised tentatively on Tuesday, January 7, 2025. Successful allottees will receive the shares in their demat accounts by Wednesday, January 8, 2025.

 

Shares of Parmeshwar Metal are slated to list on the BSE SME tentatively on Thursday, January 9, 2025.

 

Link Intime India serves as the registrar for Parmeshwar Metal IPO, while Beeline Capital Advisors is the sole book-running lead manager of the issue.

 

Parmeshwar Metal proposes to utilise the proceeds from the net issue for setting up a new manufacturing facility at Gandhinagar, Dehgam, Gujarat, for manufacturing Bunched Copper Wire and 1.6 MM Copper Wire, and for funding capital expenditure for furnace renovation.  Also Check: Indo Farm Equipment IPO GMP

 

The company will further use the proceeds to meet working capital requirements, as well as for general corporate purposes.

 

About Parmeshwar Metal

Parmeshwar Metal is engaged in the business of manufacturing copper wire and copper wire rods by recycling copper scrap. The company, as outlined in its Red Herring Prospectus (RHP), manufactures copper wire and copper wire rods that are ideally suited for a wide array of applications. These applications include power cables, building wires, transformers, the automotive industry, household cables, as well as bare and enamelled wires. At its manufacturing facility, the company has an in-house testing lab for testing its raw materials and finished products to match the quality standards specified and required by its customers.