Balaji Phosphates IPO subscribed 1.21x on day 3; check latest GMP, subscription status, other key details

Balaji Phosphates IPO: Balaji Phosphates Ltd has launched its IPO for subscription on Friday, February 28, and will remain open until Tuesday, March 4. The price band for Balaji Phosphates IPO has been set between ₹66 and ₹70 per equity share with a face value of ₹10 each. A minimum bid can be made for 2,000 equity shares, with subsequent bids in multiples of 2,000 shares.

The equity share allocation is structured as follows: the QIB Anchor Portion has been allocated a maximum of 12,24,000 equity shares; Qualified Institutional Buyers will be entitled to up to 8,16,000 equity shares; Non-Institutional Investors will secure at least 20,40,000 equity shares; Retail Individual Investors are guaranteed no fewer than 27,20,000 equity shares; and the Market Maker will receive an allotment of 3,58,000 equity shares.

The company specializes in manufacturing and supplying Single Super Phosphate (SSP) in both powdered and granulated formats, as well as NPK Granulated and Mixed Fertilizers and Zinc Sulphate, all of which adhere to the Fertilizer Control Order of India. It markets its products under the brands ‘RATNAM’ and ‘BPPL’ to various clients, including retailers, wholesalers, and state-owned cooperatives, with the ultimate users being farmers.

In the fiscal year 2024, the company achieved a revenue of ₹15,154.63 lakhs, an EBITDA of ₹1,209.70 lakhs, and a PAT of ₹604.05 lakhs. For the five-month period ending August 24, the company reported a revenue of ₹5,337.06 lakhs, an EBITDA of ₹572.55 lakhs, and a PAT of ₹414.65 lakhs.

Balaji Phosphates IPO subscription status

Balaji Phosphates IPO subscription status is 1.21 times, on day 3. The retail portion was subscribed 1.09 times, and NII portion was booked 1.34 times. QIB portion is booked 1.26 times. 

At 18: 19 IST, the company has received bids for 75,32,000 shares against 62,28,000 shares on offer, according to data on chittorgarh.com

Balaji Phosphates IPO subscription status was 19%, on day 1, and the issue was booked 57% on the third bidding day.

Balaji Phosphates IPO details

Balaji Phosphates IPO worth ₹50.11 crore, consists of a fresh issue of 59,40,000 equity shares, aggregating to ₹41.58 crore. There's offer for sale (OFS) component of 12,18,000 equity shares totalling to ₹8.53 crore.

The proceeds from the IPO will be allocated for capital improvements to establish a warehouse at the subsidiary’s manufacturing site, upgrade current facilities, meet working capital requirements, and assist with overall corporate goals. The anchor phase is scheduled to start on February 27, 2025, and the offering will close on March 04, 2025.

Arihant Capital Markets Limited is the Lead Manager overseeing this issue, whereas Skyline Financial Services Private Limited acts as the Registrar for it.

Balaji Phosphates IPO GMP today

Balaji Phosphates IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹70 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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