Indian Phosphate IPO Day 1: Issue subscribed 3.84 times so far, retail investors lead; check timeline and more

Indian Phosphate IPO has received a good response from investors, with the issue being subscribed 3.84 times so far on Monday, August 26, the first day of bidding.

The portion for non-institutional investors was subscribed 1.97 times the reserved quota, while the retail investors part attracted 6.84 times the subscription.

Indian Phosphate IPO, which is open for subscription from August 26 to August 29, has set a price band of ₹94-₹99 apiece.

The ₹67.36 crore initial share sale is a fresh issuance of 68.04 lakh shares. There is no offer-for-sale (OFS) component.

The share allotment is likely to be finalised on August 30. The refunds for unsuccessful bidders will be initiated on September 2. Shares will be transferred to the Demat account of successful bidders on the same day. The listing will take place on the NSE SME platform, Emerge, on September 3.

Investors can bid for a minimum of 1,200 shares worth ₹1,12,800.

Beeline Capital Advisors Private Limited is the sole book-running lead manager for the issue, while Bigshare Services Pvt Ltd is the registrar.

About Indian Phosphate

Established in 1998, Indian Phosphate Ltd manufactures essential industrial chemicals and fertilisers. Its flagship product, Linear Alkylbenzene Sulphonic Acid (LABSA) 90%, is an anionic surfactant essential to the formulation of various cleaning agents, including toilet cleaners, detergent powders, liquid detergents, and cakes.

The company is also a leading producer of granules' single super phosphate (GSSP) and single super phosphate (SSP) fertilisers. These products are important for agriculture, providing key nutrients to improve soil health and crop yield.