Balaji Phosphates IPO subscribed 14% so far on Day 1

The SME IPO of Balaji Phosphates, a manufacturer of phosphate fertilizers and zinc sulfate, opened for bidding on Friday and was 14% subscribed around 3 pm. The company aims to raise Rs 50.11 crore through a fresh issuance of 59.40 lakh shares and an offer for sale (OFS) of 12.18 lakh shares.

The retail portion was subscribed 16%, while non-institutional investors subscribed 22%. Qualified institutional buyers had not placed bids yet. Ahead of listing, the company’s shares were trading at a GMP of Rs 0, indicating no premium over the IPO price band of Rs 70.