Indian Phosphate share price makes a stellar debut, lists with 90% premium at ₹188.10 apiece on NSE SME

Indian Phosphate share price made a stellar stock market debut on Tuesday led by heavy demand for its shares in the initial public offering (IPO). Indian Phosphate shares were listed at ₹188.10 apiece on the NSE SME, a premium of 90% to the issue price of ₹99 per share.

Indian Phosphate IPO listing was in-line with the Street expectations as the Indian Phosphate IPO GMP today, or grey market premium today, ahead of the share listing was ₹125 per share, which indicated a listing premium of over 126%.

However, due to the NSE’s price control cap of 90% on SME IPO listing price, Indian Phosphate share price began trading at 90% premium.

The bidding for Indian Phosphate IPO began on August 26 and ended on August 29. The IPO allotment was finalised on August 30, and the Indian Phosphate IPO listing date is today, September 3. The equity shares of Indian Phosphate are listed on NSE SME.

Indian Phosphate IPO price band was ₹94 to ₹99 per share and the company raised ₹67.36 crore at the upper-end of the price band. It plans to use the net issue proceeds for setting up a new manufacturing facility, meeting working capital requirements and for general corporate purposes.

Indian Phosphate IPO got subscribed 267.89 times. The public issue saw 243.02 times subscription in the retail category, and 181.58 times subscription in the Qualified Institutional Buyers (QIB) category. The Non-Institutional Investors (NII) portion was booked 441.01 times.

Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Indian Phosphate IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

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