Indian Phosphate IPO Day 2: Issue subscribed 16.16 times so far, retail investors lead; check key dates and more

Indian Phosphate IPO: The initial public offering (IPO) of speciality chemical producer Indian Phosphate has received a decent response from investors, with the issue being booked 16.16 times so far on Tuesday, the second day of subscription.

The part set aside for non-institutional investors or NIIs was subscribed 11.29 times, while the retail investors quota fetched 27.25 times.

Indian Phosphate IPO opened for subscription on August 26. The initial share sale, which has set a price band of ₹94-₹99 per share, will conclude on August 29.

The ₹67.36 crore public offer is solely a fresh issue of 68.04 lakh equity shares without an offer-for-sale (OFS) component.

The fresh issue proceeds will be used to establish a new facility in Tamil Nadu, meet working capital requirements and general corporate purposes.

Indian Phosphate IPO: Key dates

• Bidding period: August 26 to August 29
• Allotment finalisation: August 30
• Refund initiation: September 2
• Demat transfer: September 2
• Listing: September 3

Beeline Capital Advisors Pvt Ltd is the issue's book-running lead manager, while Bigshare Services is the registrar.

About Indian Phosphate

Indian Phosphate Ltd is a leading producer of linear alkylbenzene sulphonic acid (LABSA) 90%, granules' single super phosphate, and single super phosphate. LABDA is an anionic surfactant used in the formulation of toilet cleaners, detergent powders, cakes, and liquid detergents.

The company sells single super phosphate under the brand name 'Ankur SSP' in Uttarakhand, Uttar Pradesh, Punjab, Bihar, Rajasthan, Madhya Pradesh, Haryana, Maharashtra, Himachal Pradesh, West Bengal and Gujarat.

The revenue from operations for FY22 stood at ₹557.1 crore, FY23 ₹768.6 crore and FY24 ₹704.1 crore, and net profit in FY22 ₹16.1 crore, FY23 ₹16.5 crore and FY24 ₹13.4 crore, respectively.