Indian Phosphate stock debuts with 90% premium on NSE SME platform
Indian Phosphate debuted on the NSE SME platform with a premium of 90% on Tuesday. The stock listed at Rs 188.10 on NSE as against an offer price of Rs 99.
Ahead of the debut, the company's shares traded at a premium of over 126% in the unlisted market.
The IPO of Indian Phosphate received a healthy response from investors with a subscription of over 243 times at close, led by heavy non-institutional investors demand.
Part of the net proceeds from the IPO will be used for setting up a new facility at SIPCOT Industrial Park, Tamil Nadu for manufacturing of LABSA 90%, Sulphuric Acid and Magnesium Sulphate. The remaining amount will be used for working capital requirements and general corporate purposes.
Indian Phosphate is mainly engaged in the production of Linear Alkylbenzene Sulphonic Acid LABSA 90%, popularly known as LABSA. It is an anionic surfactant and is used in the formulation of all types of detergent powders, cakes, toilet cleaners and liquid detergents.
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The company also makes Single Super Phosphate (SSP) fertilizer and Granules Single Super Phosphate (GSSP) fertilizer, which is manufactured and supplied in powder and granulated form as well as fortified with zinc and boron. Single Super Phosphate and Granules Single Super Phosphate are fertilizers in nature used in the agriculture industry.
Indian Phosphate began its journey by trading dolomite and limestone. In 2004, it commissioned a manufacturing
