Tue Jan 07 13:41:45 IST 2025: **Parmeshwar Metal IPO Oversubscribed by Over 600 Times**

MUMBAI, January 6, 2025 – The initial public offering (IPO) of Parmeshwar Metal Limited, a Gujarat-based copper wire and rod manufacturer, closed today with a staggering oversubscription rate of 604.34 times. The IPO, which opened on January 2nd, offered shares at a price band of ₹57 to ₹61, with a face value of ₹10.

Parmeshwar Metal, founded in 2017, specializes in recycling copper scrap to produce various copper wire rods used in diverse applications, including power cables, building wires, transformers, and the automotive industry. The company reported strong financial performance in FY2023, with operating revenue of ₹83920.31 lakh and a profit after tax of ₹315.26 lakh. Revenue in 2023 reached ₹972.71 crore, a significant increase from ₹902.27 crore in 2022. Profitability also rose from ₹6.85 crore in 2022 to ₹8.90 crore in 2023.

The grey market premium (GMP) for Parmeshwar Metal’s IPO reached ₹40 on Monday, suggesting a potential trading price of ₹101 upon listing. This significant oversubscription indicates strong investor interest in the company.

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