Mumbai, March 20 -- The initial public offer (IPO) of Paradeep Parivahan received bids for 55,52,400 shares as against 33,85,200 shares on offer. The issue was subscribed 1.64 times.

Retail investors bid for 23,10,000 shares, non-institutional investors bid for 21,79,200 shares and qualified institutional investors bid for 10,63,200 shares.

The issue opened for bidding on 17 March 2025 and it closed on 19 March 2025. The price band of the IPO was set at Rs 93-98 per share. The equity shares will list on BSE's SME platform.

The IPO comprised fresh issue of 33,85,200 equity shares. The promoter and promoter group shareholding diluted to 65.96% from 92.59% pre-issue.

The company intends to utilize the net proceeds to meet working capital...