Balaji Phosphates IPO closes today; subscription at 58%, GMP remains flat

Balaji Phosphates IPO Day 3: Check lot size, price band, latest subscription status, GMP, allotment date, listing date, and other key details here

Balaji Phosphates IPO Day 3 update: Phosphate fertilisers company Balaji Phosphates' initial public offering (IPO) is set to conclude for public subscription today, Tuesday, March 4, 2025. The SME offering has received a muted response from investors so far.

 

Data available on the National Stock Exchange (NSE) suggests that Balaji Phosphates IPO has been subscribed to 58 per cent by the end of the second day of subscription on Monday, March 3, 2025.

 

Balaji Phosphates IPO comprises a fresh issue of 5.94 million equity shares aggregating to Rs 41.58 crore, and an offer for sale of 1.21 million equity shares aggregating to Rs 8.53 crore. The public offering is available at a price band of Rs 66-Rs 70 per share, with a lot size of 2,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof, requiring a minimum investment amount of Rs 1,40,000.

 

The unlisted shares of Balaji Phosphates were trading flat at around Rs 70 per share in the grey market, according to sources tracking unofficial markets. Thus, Balaji Phosphates IPO’s grey market premium (GMP) remains nil today.  Read: NAPS Global India IPO

 

Once the subscription window concludes, the basis of allotment for Balaji Phosphates IPO shares is likely to be finalised on Wednesday, March 5, 2025. The successful allottees will receive the company's shares in their demat account by Thursday, March 6, 2025.

 

Balaji Phosphates shares are slated to list on the NSE SME, tentatively on Friday, March 7, 2025.

 

Skyline Financial Services serves as the registrar, while Arihant Capital Markets acts as the sole book-running lead manager for the offering.

 

Balaji Phosphates will not receive the proceeds from the OFS. The company, however, proposes to utilise the proceeds from the fresh issue to meet the capital expenditure requirements, to meet the working capital requirements, and for general corporate purposes.

 

Balaji Phosphates manufactures Single Super Phosphate, NPK Granulated and Mixed Fertilisers, and Zinc Sulphate. The company markets its products under the brands 'RATNAM' and 'BPPL'. Balaji Phosphates sells its products in several Indian states, including Madhya Pradesh and Maharashtra. The company's manufacturing unit is located in Dewas, Madhya Pradesh. As of March 31, 2024, the unit had a production capacity of 120,000 MT per year for Single Super Phosphate.