Date, Analysis, Cost, and Details of the Indian Phosphate IPO Allotment
During the August 26–29 Indian Phosphate IPO, shares were valued between ₹94 and ₹99. With a focus on fertilizers and LABSA, the IPO raised ₹67.36 crore after being subscribed more than twelve times. The proceeds will go toward a new facility in Tamil Nadu and working capital.
Indian Phosphate’s initial public offering (IPO) was from Monday, August 26 to Thursday, August 29. The Indian Phosphate Initial Public Offering (IPO) shares have a face value of ₹10 and are priced between ₹94 and ₹99 per share. At least 1200 shares are up for bid, and there are several shares available.
Producing 90% pure Linear Alkylbenzene Sulphonic Acid (LABSA) is the company’s main goal. LABSA is an anionic surfactant that is commonly utilized in the manufacturing of powders, cakes, liquid detergents, and toilet cleaners. Furthermore, the business produces “Granules Single Super Phosphate” (GSSP) fertilizer and “Single Super Phosphate” (SSP) fertilizer. Both fertilizers are made in accordance with the Fertilizer Control Order of India and are offered in powdered, granulated, and fortified forms with zinc and boron.
The production plant is well situated close to the sources of raw material supply in Udaipur, Rajasthan. Important states like Punjab, Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh, Himachal Pradesh, West Bengal, and Uttarakhand are among those where the corporation has made a significant footprint.
Rama Phosphates Ltd. is the company’s listed peer, according to the red herring prospectus.
Indian Phosphate Limited saw a -27% decline in profit after tax (PAT) and a -7% decline in revenue between March 31, 2024, and March 31, 2023.
Status of Indian Phosphate IPO subscription
On day three, the Indian Phosphate IPO subscription status is 82.07 times.
There were 132.55 subscriptions for the retail portion and 61.84 bookings for the NII portion. Buyers from Qualified Institutions are scheduled 8.90 times.
According to information on chittorgarh.com, the company has received bids for 36,95,02,800 shares compared to the 45,02,400 shares that are being offered.
On the first day of the Indian Phosphate IPO, subscriptions were made 12.10 times; on the second day of bidding, the issue was booked 37.75 times.
Details of the Indian Phosphate IPO
The ₹67.36 crore Indian Phosphate IPO comprises a new issue of 6,804,000 equity shares at face value of ₹10. The phrase “offer for sale” is not present.
The new issue’s proceeds will be utilized for general corporate purposes, to develop a new manufacturing plant in Tamil Nadu for the production of sulfuric acid, LABSA 90%, and magnesium sulphate, and to meet working capital needs.
Bigshare Services Pvt Ltd is the registrant of the Indian Phosphate IPO, while Beeline Capital Advisors Pvt Ltd is the book running lead manager. For Indian Phosphate’s IPO, Spread X Securities is acting as the market maker.
IPO GMP for Indian Phosphate today
The grey market pricing for Indian Phosphate IPO is +135. According to investorgain.com, this shows that the price of Indian Phosphate shares were selling at a premium of ₹135 in the grey market.
Indian Phosphate’s expected listing price was ₹234 per share, 136.36% more than the IPO price of ₹99, taking into account the upper end of the IPO pricing band and the current premium in the grey market.
A “grey market premium” denotes the willingness of investors to part with more money than the issue price.
Notice: These opinions and suggestions are not affiliated with Mint; rather, they are the opinions of certain analysts, specialists, and broking firms. Before making any financial decisions, we suggest investors to consult with qualified specialists.
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