Indian Phosphate Limited IPO GMP, Subscription Status | The IPO of Indian Phosphate Limited, a manufacturer of linear alkyl benzene sulfonic acid, is getting a strong response from investors. According to media reports, Indian Phosphate Limited IPO has been subscribed 10.83 times on the first day of subscription.
On the very first day, it has received bids for a total of 4.87 crore shares, while there are 45.02 lakh shares on offer. The company intends to raise Rs 67.36 crore through IPO. Investors will have the opportunity to invest in it till August 29. The price band of Rs 94-99 per share has been fixed for the issue.
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Indian Phosphate IPO : How much has been subscribed so far?
According to media reports, retail investors have made the maximum investment in the IPO of Indian Phosphate Limited and the reserved share for them has been subscribed 18.34 times. Along with this, the share of non-institutional buyers has received 7.22 times subscription. The share of qualified institutions is 0.39 times. Indian Phosphate has raised Rs 189.37 crore from anchor investors.
Indian Phosphate Limited IPO GMP
Now let us talk about its Indian Phosphate Limited IPO GMP. Indian Phosphate’s IPO is getting strong response from the gray market. According to media reports, this issue is trading at a premium of Rs 100 in the unlisted market.
The company’s shares are likely to be listed at a price of Rs 199. If this happens, investors will make a huge profit of 101.01 percent on the listing. That means investors’ money will directly double.
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About Indian Phosphate
According to the company’s official website, Indian Phosphate Limited was established in the year 1998. This company produces Linear Alkyl Benzene Sulfonic Acid 90%, commonly known as LABSA. It is an ionic surfactant which is used in the manufacturing of all types of washing powders, detergents, toilet cleaners and liquid detergents.