The initial public offer (IPO) of Balaji Phosphates received bids for 79,14,000 shares as against 65,86,000 shares on offer. The issue was subscribed 1.20 times.
Retail investors bid for 29,76,000 shares, non-institutional investors bid for 30,92,000 shares and qualified institutional investors bid for 18,46,000 shares.
The issue opened for bidding on 28 February 2025 and it closed on 4 March 2025. The price band of the IPO was set at Rs 66 to Rs 70 per share. The equity shares will list on NSE's SME platform.
The issue size comprised fresh issue of upto 59,40,000 equity shares and offer for sale upto 12,18,000 equity shares aggregating upto 71,58,000 equity shares. The promoter and promoter group shareholding diluted to 69.90% from 100% pre-issue.
The company intends to utilize the net proceeds to meet funding requirements for working capital, capital expenditures and general corporate expenses.
Ahead of the Balaji Phosphates on 27 February 2025, raised Rs 4 crore from anchor investors. The board has allotted 5.72 lakh shares at Rs 70 per share to 2 anchor investors.
Balaji Phosphates is engaged in the production of NPK granulated and mixed fertilizers, as well as zinc sulfate (21%). The company focuses on manufacturing phosphate fertilizers and offers a diverse range of products, including single superphosphate (SSP) in both powder and granulated forms. The SSP products are produced in accordance with the Fertilizer Control Order of India standards. The facility reportedly has an installed capacity of 120,000 MTPA for SSP and 3,300 MTPA for zinc sulfate. SSP is a key contributor to its revenue. As of 31 August 2024, the company had a total of 40 employees.
The company recorded revenue from operations of Rs 53.37 crore and net profit of Rs 4.15 crore for the period ended 31 August 2024.