Indian Phosphate IPO price band set at ₹94 - 99 per share; SME IPO to open on August 26

Indian Phosphate IPO: The initial public offering (IPO) of speciality chemicals producer Indian Phosphate will open for subscription on Monday, August 26, with a price band set at ₹94 - 99 per share. The IPO, which is entirely a fresh issue of 68.04 lakh shares, aims to raise about ₹67.36 crore.

The Indian Phosphate IPO will close on Thursday, August 29. The bidding for the Anchor portion will open on Friday, August 23. The IPO allotment date is Friday, August 30 and the share listing date on NSE SME is Tuesday, September 3.

The IPO lot size for an application is 1,200 shares, and retail investors are required to invest a minimum ₹1,18,800.

Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Indian Phosphate IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

The net proceeds of the issue will be used to set up a new manufacturing facility for sulphuric acid, LABSA 90 per cent, and magnesium sulphate at SIPCOT Industrial Park in Cuddalore District, TamilNadu. Some parts of the net proceeds will be used to meet working capital requirements and for general corporate purposes.

About Indian Phosphate Limited

Indian Phosphate produces Linear Alkylbenzene Sulfonic Acid used in the formulation of all types of detergent powders, cakes, liquid detergents and toilet cleaners. Besides, it also manufactures “Single Super Phosphate” fertiliser, which is manufactured and supplied as per the standards of the Fertilizer Control Order of India in powder and granulated form and fortified with zinc and boron.

The company operates from its manufacturing facility at Umarda, Girwa district, Udaipur, Rajasthan.

According to the company's DRHP, its revenue from operations for FY21 stood at ₹414.52 crore, which rose to ₹557.15 crore in FY22 and ₹768.69 crore in FY23.

Profit after tax (PAT) for FY21, FY22 and FY23 stood at ₹5.09 crore, ₹16.17 crore and ₹16.60 crore, respectively.

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