Balaji Phosphates IPO manages full subscription on final day, check allotment & listing dates

Balaji Phosphates IPO

Amid weakening sentiment across equity market caps and inability of bulls to gain strength, Balaji Phosphates, the initial public offering, has managed to get full subscription on its final day of bidding, i.e. March 4.

The IPO was subscribed 1.2 times, as investors have bought 78.9 lakh shares compared to the offer size of 65.86 lakh shares via 1,620 applications, the subscription data on the NSE showed.

The issue was subscribed 58 percent in the previous two sessions.

The phosphate fertilisers will finalise the IPO share allotment by March 5. Investors can start trading in Balaji Phosphates shares effective March 7.

Balaji Phosphates entered capital markets on February 28 to raise Rs 50.11 crore via initial share sale of 71.58 lakh shares. The price band for the offer was Rs 66-70 per share.

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The IPO comprised of fresh issue of 59.4 lakh shares worth Rs 41.58 crore, and an offer-for-sale of 12.18 lakh shares worth Rs 8.53 crore by promoters.

The company that manufactures single super phosphate (SSP), NPK granulated and mixed fertilizers, and zinc sulphate will utilise fresh issue proceeds for capital expenditure, working capital requirements, and general corporate purposes.

The merchant banker handling the public issue is Arihant Capital Markets.