Balaji Phosphates IPO Review: Should You Apply or Not?
Posted by : sachet | Thu Feb 27 2025
Balaji Phosphates IPO is a book built issue of 50.11 crores which is set to open for subscription on 28th February 2025, and will receive the last bid on 4th March 2025,i.e. Tuesday.
Balaji Phosphates IPO comprises is mix of fresh issue and offer for sale (OFS). The fresh issue component consists of 59.40 lakh shares aggregating to ₹ 41.58 crores, while the offer for sale component comes with 12.18 lakh shares which totals to a sum of ₹ 8.53 crores.
The retail investors have a minimum lost size of 2000 shares for the public offer of Balaji Phosphates Limited and the HNI segment has a minimum lot size requirement of 4000 shares. The price band set for the Balaji Phosphates IPO ranges between the floor price of ₹ 66 to a cap price of ₹ 70.
For more details on the Balaji Phophates IPO please refer to the below tables.
Balaji Phosphates IPO Key Details
| Particulars | Details |
| IPO Size (quantity) | 71,58,000 equity shares |
| IPO Size (value) | 50.11 crores |
| Lot Size (retail) | 2,000 equity shares |
| Lot Size (HNI) | 4000 equity shares |
| Price Band | ₹ 66 to ₹ 70 per share |
| Face Value | ₹ 10 per share |
| Issue Type | Book Built |
| Listing At | NSE SME |
Balaji Phosphates IPO Dates
| Particulars | Dates |
| Open Date | 28th February 2025 |
| Close Date | 04th March 2025 |
| Allotment Finalisation | 05th March 2025 |
| Initiation of Refund & Credit of Shares | 06th March 2025 |
| Listing Date | 07th March 2025 |
Balaji Phosphates IPO – Grey Market Premium (GMP)
Balaji Phosphates IPO GMP: Grey Market Premium (GMP) refers to the price of an IPO trailing in the grey markets. It also refers to the difference between the issue price and the grey market price of an IPO.
Balaji Phosphates Limited has a trading grey market premium of ₹ 0 as of 28th February 2025. This GMP indicates a neutral listing on the Indian markets. Refer to the table below for more information on the Balaji Phosphates IPO GMP of the previous days:
Balaji Phosphates Limited GMP Trend
| GMP Date | [A]GMP (₹) | [B]Cap Price (₹) | [A+B]Estimated Listing Price (₹) | Estimated Listing Gains (%) |
| 28-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 27-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 26-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 25-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 24-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 23-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
| 22-02-2025 | ₹ 0 | ₹ 70 | ₹ 70 | 0.00% |
*Data is updated as of 28th February 2025
Balaji Phosphates IPO Financial Performance
Before investing in a company, it is crucial to analyse its financial performance to understand the profit growth, cash flow, and other risks and strengths. Analysis of the financial statements can help you to project future profitability prospects. Therefore, to make informed decisions regarding the Balaji Phosphates IPO, you must take a look at the below financials of the company:
| Particulars | FY 2024 | FY 2023 | FY 2022 |
| Revenue From Operations | ₹ 15,154.63 | ₹ 14,454.24 | ₹ 12,365.34 |
| EBDITA | ₹ 1,209.70 | ₹ 1,167.20 | ₹ 792.35 |
| EBDITA (%) | 8.0% | 8.1% | 6.4% |
| PAT | ₹ 604.05 | ₹ 608.76 | ₹ 319.08 |
| PAT (%) | 4.0% | 4.2% | 2.6% |
| Net worth | ₹ 3,500.32 | ₹ 2,896.51 | 2₹ ,286.35 |
(Figures are in Lakhs)
The revenue of Balaji Phosphates Limited has depicted consistent growth from FY 2022 to FY 2024. The company clocked a 16.29% increase in revenue from operations from ₹ 12,365.34 in FY 2022 to ₹ 14,454.24 in FY 2023. The revenue of Balaji Phosphates Limited in FY 2023 grew decently by 4.84 % to ₹ 15,154.63 in FY 2024.
On the EBDITA side, the company has shown similar growth in its figures. The EBDITA of Balaji Phosphates Limited in FY 2022 was ₹ 792.35, which increased to ₹ 1,167.20 in FY 2023 and to ₹ 1,209.70 in FY 2024. The EBITDA margins of the company did see a good growth from FY 2022 to FY 2023, however, the margins were slightly down by.1 % in FY 2024 from 8.0 % in FY 2023.
Balaji Phosphates Limited Key Performance Indicators (KPIs)
Balaji Phosphates IPO Lot Size Structure
| Investors Category | Lots | Minimum shares (A) | Cap Price (B) | Amount (A*B) |
| Retail (Min) | 1 | 2,000 | ₹ 70 | ₹ 1,40,000 |
| Retail (Max) | 1 | 2,000 | ₹ 70 | ₹ 1,40,000 |
| HNI (Min) | 2 | 4,000 | ₹ 70 | ₹ 2,80,000 |
Balaji Phosphates IPO Reservation Requirement
Balaji Phosphates IPO is an NSE SME IPO, likely to be listed on the Indian stock exchanges on 7th March 2025. The Balaji Phosphates IPO reservation is as follows:
| Investor Categories | Reservation Required |
| QIB | <50% of net issue |
| Retail Investors | >35% of net issue |
| NII (HNI) | >15% of net issue |
| Total | 100% |
Balaji Phosphates Limited Peer Comparison
| Financial Metrics | Balaji Phosphates Limited | Coromandel International Limited | Pradeep Phosphates Limited | Rama Phosphates Limited |
| Revenue (FY 2024) | ₹ 15,168.02 | ₹ 22,28,975.00 | ₹ 11,64,395.49 | ₹ 60,417.73 |
| EPS (Basic) | 3.39 | 55.75 | 1.22 | -17.56 |
| EPS (Diluted) | 3.39 | 55.81 | 1.22 | -17.56 |
| Face Value | 10 | 1 | 10 | 10 |
| PE Ratio | – | 30.57 | 77.23 | NA |
| RONW (%) | 17.26 % | 18.9 % | 3.28 % | -9.39 % |
(Figures in Lakhs except ratios and percentages)
Balaji Phosphates IPO Subscription Details
Balaji Phosphates IPO was subscribed 0.01 times as of 28th February 2025 till 10:10 AM. The retail segment subscribed to 0.02 times. The offer was subscribed 0 times by the NII and QIB category. For more insights about the Balaji Phosphates IPO subscription status please refer to the below table:
| Investor Category | Subscription (Times) | Shares Offered | Total Amount (in cr.) |
| Anchor Investors | 1 | 5,72,000 | ₹ 4.004 |
| Qualified Institutional Buyers | 0 | 14,68,000 | ₹ 0 |
| Non Institutional Buyers | 0 | 20,40,000 | ₹ 0.042 |
| Retail Investors | 0.02 | 27,20,000 | ₹ 0.462 |
| Total | 0.01 | 62,28,000 | ₹ 0.504 |
*Data updates as of 28th February 2025
Balaji Phosphates IPO Objectives
Balaji Phosphates Limited intends to use the net issue proceeds from the IPO for the following objectives:
- To meet the Capital expenditure towards establishing a warehouse at our subsidiary’s factory premise & upgradation of existing facilities.
- To meet the working capital requirements.
- General corporate purposes
The company will be deploying the net issue proceeds (Gross issue proceeds – issue expenses) for the fulfilment of the objectives mentioned above in the following manner:
| Sr. No. | Particulars | Amount to be Deployed From Net Proceeds | Estimated Time of Deployment | |
| FY 2024 – 25 | FY 2025 – 26 | |||
| 1 | Capital expenditure requirement | ₹ 1,287.90 | ₹ 965.93 | ₹321.97 |
| 2 | To meet working capital requirements | ₹ 1900 | ₹ 620.00 | ₹ 1,280.00 |
| 4 | General Corporate Purposes* | – | – | – |
| Total | – | – | ||
(figures in lakhs)
*The amount utilised for general corporate purposes shall not exceed 25% of the gross proceeds of the Issue.
Balaji Phosphates IPO – Expert Review
Balaji Phospates IPO is being offered as a mix of offer for sale and fresh issue. The fresh issue component amounts to ₹ 41.58 crores while the offer for sale portion totals to ₹ 8.53 crores.
The book running lead manager for the public offer is Arihant Capital Markets Limited and the registrar is Skyline Financial Services Private Limited. The market maker for the Balaji Phosphates Limited IPO is Nnm Securities Private Limited.
Balaji Phosphates Limited (BPL) is engaged in the business of manufacturing and supplying Single Super Phosphates in powder and granulated forms, NPK Granulated and Mixed Fertilisers and Zinc Sulphate. All of these products adhere to the standards of the Fertilisers Control Order of India.
On the performance of the side the company has shown growth in both the bottom and top line indicating a robust management and operational efficiency. However, as per the expert review of Dilip Davda (Chittorgarh), the issue looks aggressively priced as per its recent performance. Also, he indicates that the industry in which BPL operates is highly fragmented and competitive. Therefore, investors must perform thorough research for the Balaji Phosphates IPO and they can invest with a moderate capital for a medium to long term investment horizon.
*Please note that the data provided in the above blog is for informational purposes. Univest do not recommend you to invest solely based on the above-mentioned review and data. To avoid unexpected losses in the IPO, please do your own research and invest as per your risk tolerance.
About Balaji Phosphates Limited
Balaji Phosphates Limited (BPL) was originally incorporated as a private limited company on 4th April 1996. Further, it was converted to a public limited company on 18th September 2018.
BPL is engaged in the business of manufacturing and supply of Single Super Phosphates (SSP) in powder and granulated forms, NPK Granulated and Mixed Fertilisers and Zinc Sulphate. The company sells its products under the brand name of “RATNAM” and “BPPL” to a diverse range of customers, which includes retailers, wholesalers and state-owned cooperatives. The end users of these products are farmers.
Bharat Phosphates Limited has a manufacturing facility in Madhya Pradesh spanning approximately 12,600 square meters. As per the data of 31st March 2024, BPL has a manufacturing capacity of 1,20,000 MT per annum of Single Super Sulphate, 3,300 MT per annum of Zinc Sulphate and 49,500 MT per annum of NPK Granulted & MIX.
How to Apply for Balaji Phosphates IPO
To apply for the Balaji Phosphates IPO, you simply need to follow the below steps:
- Research the risks, benefits, and key details of the public offer.
- Open a demat account with Univest to know more about the IPO and invest in it. If you have an old demat account, you can also use it to invest in the IPO.
- If you are a retail investor, place a bid of 2,000 shares for a total amount of ₹ 1,40,000.
- Once the bidding process is completed, you will receive a request for payment initiation using your chosen investment method. Approve the payment request and stay updated with the allotment status for the Balaji Phosphates IPO.
Snapshot of Balaji Phosphates IPO
- Balaji Phosphates IPO is a book built issue consisting of 71,58,000 shares aggregating to an IPO size of ₹ 50.11 Crores.
- The IPO is set to open for subscription on 28th February 2025 and close on 04th March 2025.
- The issue consists of a fresh issue of ₹ 41.58 cr. (59,40,000 shares) and an offer for sale of ₹ 8.53 cr. (12,18,000 shares).
- The Balaji Phosphates IPO GMP is currently trading at ₹ 0, which indicates a neutral listing of shares on the Indian markets.
FAQ on Balaji Phosphates IPO
1. What is the price of the Balaji Phosphates IPO?
The Balaji Phosphates IPO is a book built issue of ₹ 51.11 crores which is being offered with a price band of ₹ 66 to ₹ 70.
2. When will the IPO of Balaji Phosphates Limited open for subscription?
The Balaji Phosphates IPO will open for subscription on 28th February 2025 and 04th March 2025.
3. How can I check Balaji Phosphates IPO status?
You can check the status of the Balaji Phosphates IPO either on the official website of the National Stock Exchange or through your registered stockbroking platform.
4. What is the GMP of Balaji Phosphates IPO?
The latest updated GMP of the Balaji Phosphates IPO as of 28th February 2025 is ₹ 0.
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Disclaimer: The above information is accumulated from authentic sources and is just for informational purposes. To have detailed information about Balaji Phosphates IPO, download the Balaji Phosphates IPO RHP and IPO DRHP. Conduct your own research before investing in IPOs to avoid significant losses. You can also consult your financial advisor.
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