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Paramount Printpackaging, which opened at a premium on both the bourses on Monday, saw its scrip ending the day with a sharp discount to the listing price.
The stock fell 28 per cent on its listing day on the BSE and by 30 per cent on the NSE.
On the BSE, the stock opened at Rs 37.50 and closed at Rs 26.65. On the NSE it listed at Rs 36.50 and ended the day at Rs 25.45, against the issue price of Rs 35.
During the intra-day, the lowest the scrip touched was Rs 24.60 and Rs 24.80, on the BSE and NSE, respectively.
The 45-crore IPO, launched in April, had been subscribed 3.86 times.
The net proceeds of the IPO, according to the company, is to be used for setting up of new facilities at Gujarat, for manufacturing of high end duplex board cartons, shippers and printed corrugated boxes.
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