Indian Phosphate IPO subscribed nearly 8 times on high retail demand; check price band, lot size & more

Indian Phosphate Limited IPO saw strong demand from investors across categories on Monday, August 26, the first day of bidding, as the public offer was fully booked within hours of launch.

The NSE SME IPO was subscribed 7.82 times with bids for 3.52 crore shares compared to 45 lakh shares on offer, the NSE data till 2:50 pm showed.

The chemicals company's initial public offer received bids for more than 3 crore shares, compared to 22.51 lakh shares set aside for the category. The retail portion was booked 13.51 times.

The IPO received applications for 42.96 lakh shares from non-Institutional Investors (NIIs) compared to 9.64 lakh shares set aside for the category. The NIIs’ portion was booked 4.45 times.

The Qualified Institutional Buyers (QIBs) portion received applications for 5,05,200 shares against 12.86 lakh shares set aside for the category, leading to a booking of only 39%.

If you are also looking forward to applying for Indian Phosphate Ltd IPO shares, here are the key details to check before bidding:

Indian Phosphate Limited IPO offer size, price band, and minimum investment

Indian Phosphate IPO is a book-building issue worth ₹67.36 crore. The public offer is a combination of a fresh issue of 68.04 lakh shares.

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

The minimum Indian Phosphate IPO lot size for an application is 1200 shares. Retail investors can invest a minimum amount of ₹1,18,800 and minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹2,37,600.

Indian Phosphate IPO dates

Indian Phosphate IPO is open for subscription from August 26 to August 29. The IPO allotment status is likely to be finalised on August 30.

Refunds will be initiated for unsuccessful bidders on September 2 and shares will be credited in the demat accounts of successful bidders the same day.

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

Indian Phosphate IPO registrar

The registrar of Indian Phosphate's initial public offering (IPO) is Bigshare Services Private Limited, while the book-running lead manager is Beeline Capital Advisors Pvt Ltd. The market maker for Indian Phosphate IPO is Spread X Securities.

Indian Phosphate IPO objective

The company plans to use the net proceeds from the public issue to establish a new manufacturing facility at SIPCOT Industrial Park Phase-I, Kudikadu Village, Cuddalore District, Tamil Nadu. This plant will focus on producing Sulphuric Acid, LABSA 90% and Magnesium Sulphate.

Additionally, the funds will be used to meet working capital requirements and also cover general corporate 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.