The scrip was listed at Rs 188.10, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 197.50 and a low of Rs 178.70. About 18.95 lakh shares of the company changed hands at the counter.

Indian Phosphate's IPO was subscribed 186.47 times. The issue opened for bidding on 26 August 2024 and it closed on 29 August 2024. The price band of the IPO was set at Rs 94 to Rs 99 per share.

The IPO comprised fresh issue of 68,04,000 equity shares. The promoter and promoter group shareholding diluted to 72.77% from 100% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement, funding for setting up a new manufacturing facility at SIPCOT Industrial Park Phase-I, Kudikadu Village, Cuddalore District TamilNadu for manufacturing of Sulphuric Acid, LABSA 90% & Magnesium Sulphate and general corporate purpose.

Ahead of the Indian Phosphate on 23 August 2024, raised Rs 19.09 crore from anchor investors. The board allotted 19.28 lakh shares at Rs 99 per share to 13 anchor investors.

Indian Phosphate is a leading producer of Linear Alkylbenzene Sulphonic Acid LABSA 90%, an anionic surfactant used in detergent powders, cakes, toilet cleaners and liquid detergents. It also manufactures single super phosphate (SSP) fertilizer and granules single super phosphate (GSSP) fertilizer, which meet India's fertilizer control order standards in powder, granulated form and fortified with zinc and boron. These fertilizers are used in the agriculture industry.

The company operates from its manufacturing facility in Umarda, Girwa district, Udaipur, Rajasthan, near the supply of raw materials like Sulphuric Acid 98% and Rock Phosphate. Linear Alkylbenzene (LAB) is sourced from IOCL, Nirma, Vadodara and Reliance Industries, Patalganga. As on 31 March 2024, the company has total 105 employees.

The company recorded revenue from operations of Rs 704.17 crore and net profit of Rs 13.47 crore for the period as on 31 March 2024.