Indian Phosphate To Raise ₹67.35 Crore: Filed DRHP With SEBI

Indian Phosphate Limited has filed the draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), to float an initial public offering (IPO). Through this IPO, Indian Phosphate Limited seeks to raise ₹67.35 crore.

The Indian Phosphate IPO will be entirely a fresh issue comprising 68,04,000 equity shares of ₹10 each. The company has appointed Beeline Capital Advisors Private Limited as the book runner lead manager and Bigshare Services Private Limited as the registrar to the issue. After the IPO process, the company’s shares will be listed on the NSE Emerge platform.

Purpose of Indian Phosphate IPO

The Issue Proceeds from the Fresh Issue will be utilised towards the following objects:

• Setting up a new manufacturing facility at SIPCOT Industrial Park Phase, TamilNadu, for manufacturing of Sulphuric Acid, LABSA 90%, and Magnesium Sulphate.
• Meet Working Capital Requirements.
• General Corporate Purposes.

Overview of Indian Phosphate Limited

Incorporated in 1998, Indian Phosphate Limited is mainly engaged in the production of Linear Alkylbenzene Sulphonic Acid LABSA 90%, popularly known as LABSA, is an anionic surfactant and is used in the formulation of all types of detergent powders, cakes, toilet cleaners and liquid detergents. The company is also involved in the manufacturing of “Single Super Phosphate” (SSP) fertiliser and “Granules Single Super Phosphate” (GSSP) Fertilizer, which is manufactured and supplied as per the standards of the Fertiliser Control Order of India in powder and granulated form as well as fortified with zinc and boron.

Indian Phosphate is further planning to expand into its existing line of business and add new products to its portfolio at its new manufacturing plant proposed to be set up at SIPCOT Industrial Park, Cuddalore, Tamil Nadu. The new facility will have an increased capacity of 100 MT/day for LABSA 90%. In addition to its current product offerings, the company is planning to introduce a new line of products, i.e. 200 MT/day for Sulphuric Acid (backward integration), 60 MT/day for Magnesium Sulphate.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.