Paragon Fine And Speciality Chemicals IPO opened for subscription on October 26, and closes on Monday, October 30. The IPO is a fresh issue worth Rs. 51.66 crore and the price band is set in the range of Rs. 95 to Rs. 100.

The IPO has seen massive 33 times subscription on October 27, the second day of bidding, as investors have bought 12.63 crore equity shares against the offer size of 36.96 lakh shares. The Rs 51.66 crore public issue was subscribed 11.07 times on October 26, the first day of subscription.

Paragon Fine And Speciality Chemicals wants to use the proceeds of the issue to fund the following projects: - finance capital expenditure for civil construction work in Gujarat; finance capital expenditure for work in the existing factory premises; Repay some of our outstanding debts in full or in part; fund capital expenditure for the installation of new equipment and machinery for expansion; fund for working capital needs; General Corporate Purpose.

The company is engaged in the production of highly complex and differentiated specialty chemical intermediates through custom synthesis. The company produces pigment intermediates, dye intermediates, pharma intermediates, AGRO intermediates, and cosmetic intermediates for a wide range of Indian and international clients.

Its manufacturing facility, which occupies about 7000 square metres and is outfitted with top-of-the-line reactors for conducting research in order to produce new goods, is situated in the Viramgam District of Ahmedabad, Gujarat.