Indian Phosphate IPO Booked Over 250 Times On Final Bidding Day
Here's all you need to know about the SME IPO of Indian Phosphate Limited.
The initial public offering of Indian Phosphate Ltd. was subscribed over 260 times on the fourth and final day of its subscription. Indian Phosphate launched its IPO on Aug. 26 to raise Rs 67.36 crores by issuing 68.04 lakh fresh shares. The price band for the IPO was set between Rs 94 and Rs 99 per share.
The 4-day bidding for the SME issue saw it getting subscribed 12.10 times on Day 1, 37.75 times on Day 2, and 82.07 times on Day 3.
Indian Phosphate IPO: Day 4 Subscription Status
The Indian Phosphate IPO was subscribed 267.89 times at 06:19 p.m. on Thursday.
Qualified Institutional buyers: 181.58 times
Non-Institutional Investors: 441.01 times
Retail Individual Investors: 243.02 times
Indian Phosphate IPO Details
As per the company's red herring prospectus, out of the 68,04,000 shares offered - 18.91% were reserved for Qualified Institutions, 14.18% for Non-institutional investors, 33.09% for Retail investors and 28.34% for Anchor investors.
Retail investors had to apply for a minimum of 1,200 shares, which amounts to a minimum investment of Rs 1,18,800. High net-worth individuals needed to apply for a minimum of 2,400 shares, totaling an investment of Rs 2,37,600. Beeline Capital Advisors Pvt. is the book-running lead manager for the IPO, while Bigshare Services Pvt will be the registrar. Spread X Securities is the market maker for the issue.
The allotment of Indian Phosphate IPO is expected to be finalised on Friday, Aug. 30.
Shares of Indian Phosphate Limited will be listed on NSE SME with Tuesday, September 3 as the likely listing date.
Use Of Proceeds
A significant portion of the IPO will be used to establish a new manufacturing facility at SIPCOT Industrial Park Phase-I, Kudikadu Village, Cuddalore District, Tamil Nadu. This facility will focus on the production of sulphuric acid, LABSA 90%, and magnesium sulphate. Additionally, funds will be used to meet working capital requirements and for general corporate purposes.
About Indian Phosphate
Established in 1998, Indian Phosphate Ltd. specialises in the production of linear alkyl benzene sulfonic acid (LABSA 90%), an anionic surfactant used in various cleaning products.
The company also manufactures Single Super Phosphate (SSP) and Granules Single Super Phosphate (GSSP), which are used as fertilisers and fortified with zinc and boron.
The manufacturing facility is located in Girwa district, Udaipur, Rajasthan, which is strategically positioned near key raw materials like sulphuric acid and rock phosphate. Linear alkyl benzene, another critical raw material, is sourced from major suppliers such as IOCL, Nirma Ltd, and Reliance Industries Ltd.
