Indian Phosphate IPO Day 3: NSE SME issue subscribed over 265 times; check details

Indian Phosphate Limited IPO closed with a robust demand on the last day of bidding on Thursday, August 29, as the public issue was subscribed 265.33 times.

The NSE SME issue received bids for more than 119.46 crore shares compared to 45 lakh shares on offer.

The Non-institutional investors submitted the highest bids subscribing their portion 440.64 times. The NIIs applied for 42.51 crore shares against 9.64 lakh shares set aside for the category.

The issue was subscribed 238.05 times in the retail category with applications for 53.59 crore shares against 22.51 lakh shares set aside for the segment.

However, the Qualified Institutional Buyers (QIBs) portion booked 181.58 times with applications for 23.35 crore shares against 12.86 lakh shares reserved for the segment.

Indian Phosphate IPO offer size, price band and other details

Indian Phosphate IPO was a book-building issue worth ₹67.36 crore. The IPO comprised a fresh issue of 68.04 lakh shares.

The Indian Phosphate IPO price band was fixed at ₹94 to ₹99 per share.

Indian Phosphate IPO dates

The Indian Phosphate IPO was open for subscriptions from August 26 to August 29. The IPO allotment status is expected to be concluded on August 30.

Refunds will be processed for unsuccessful bidders on September 2, and shares will be credited to the Demat accounts of successful bidders the same day.

Shares of the company are scheduled to be listed on the NSE SME platform on September 3.

Indian Phosphate IPO registrar

The registrar for the Indian Phosphate IPO is Bigshare Services Private Limited and the book-running lead manager is Beeline Capital Advisors Pvt Ltd.

Spread X Securities is the market maker for India's Phosphate IPO.

Indian Phosphate IPO objective

The company plans to use net proceeds from the IPO to develop a new manufacturing plant at SIPCOT Industrial Park Phase-I in Cuddalore District of Tamil Nadu. This factory will produce sulphuric acid, LABSA 90%, and magnesium sulphate. Additionally, the money will be utilised to fulfil working capital requirements as well as other company expenses.

About Indian Phosphate IPO

Indian Phosphate Limited established in 1998, produces Linear Alkyl Benzene Sulfonic Acid (LABSA 90%), used in cleaning products, as well as Single Super Phosphate (SSP) and Granules Single Super Phosphate (GSSP), fortified with Zinc and Boron.

The company’s plant in Girwa district, Udaipur, Rajasthan, is close to key raw materials like sulphuric acid and rock phosphate. LAB is sourced from IOCL, Nirma Ltd, and Reliance Industries.