The IPO of Parmeshwar Metal, a copper wire and rod manufacturer, opened for subscription on January 2, 2025, and has seen strong interest in the grey market. The issue, worth ₹24.74 crore, is entirely a fresh issue of 4.05 million shares priced in the range of ₹57-₹61 per share, with a minimum lot size of 2,000 shares.
Grey Market Premium (GMP) Update
Sources indicate that Parmeshwar Metal’s shares are trading at ₹81 in the grey market, reflecting a GMP of ₹20 (32.79%) above the upper price band.
Subscription Details
As of 11:09 AM on January 2, 2025, the IPO has been subscribed by 73%. Investors can subscribe until Monday, January 6, 2025.
Key Dates
- Basis of Allotment: January 7, 2025
- Credit to Demat Accounts: January 8, 2025
- Listing on BSE SME: January 9, 2025
Utilization of Funds
The proceeds will be used to:
- Establish a new manufacturing facility in Gandhinagar, Gujarat, for producing Bunched Copper Wire and 1.6 MM Copper Wire.
- Fund capital expenses for furnace renovation.
- Meet working capital requirements and for general corporate purposes.
About the Company
Parmeshwar Metal specializes in manufacturing copper wires and rods by recycling copper scrap. Its products are used in power cables, building wires, transformers, automotive components, household cables, and bare and enamelled wires. The company’s manufacturing facility includes an in-house testing lab to ensure quality standards.
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