Balaji Phosphates Ltd specializes in NPK Granulated and Mixed Fertilizers and Zinc Sulfate (21%) production, with a focus on Phosphate Fertilizers. It manufactures Single Super Phosphate (SSP) in powder and granulated forms, adhering to the Fertilizer Control Order of India standards. The facility has an installed capacity of 120,000 MTPA for SSP and 3,300 MTPA for Zinc Sulfate, with SSP as the primary revenue driver. The manufacturing plant is located at Industrial Area No.1, Dewas, Madhya Pradesh.

Balaji Phosphates, an Book Built Issue amounting to ₹ 50.11 Crores, consisting an Fresh Issue of 59.40 Lakh Shares worth ₹ 41.58 Crores and an Offer for Sale of 12.18 Lakh Shares totaling to ₹ 8.53 Crores. The subscription period for the Balaji Phosphates IPO opens on February 28, 2025, and closes on March 4, 2025. The allotment is expected to be finalized on or about Wednesday, March 5, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, March 7, 2025.

The Share price band of Balaji Phosphates IPO is set at ₹ 66 to ₹ 70 per equity share. The Market Capitalisation of the Balaji Phosphates Limited at IPO price of ₹ 70 per equity share will be ₹ 166.44 Crores. The lot size of the IPO is 2,000 shares. Retail investors are required to invest a minimum of ₹ 1,40,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (4,000 shares), amounting to ₹ 2,80,000.

Arihant Capital Markets Limited is the book running lead manager of the Balaji Phosphates IPO, while Skyline Financial Services Private Limited is the registrar for the issue. Nnm Securities Private Limited is the Market Maker for Balaji Phosphates IPO.

Balaji Phosphates Limited IPO GMP Today
The Grey Market Premium of Balaji Phosphates Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Balaji Phosphates Limited IPO Live Subscription Status Today: Real-Time Update
As of 05:30 PM on 4 March, 2025, the Balaji Phosphates Limited IPO live subscription status shows that the IPO subscribed 1.33 times on its Final day of subscription period. Check the Balaji Phosphates IPO Live Subscription Status Today at NSE.

Balaji Phosphates Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
24 February 2025	₹ 66 to ₹ 70	₹ 70	₹ 0 (0.00%)	03:00 PM; 24 Feb 2025

Balaji Phosphates IPO Anchor Investors Report
Balaji Phosphates raises ₹ 8.57 Crores from Anchor Investors at a price of ₹ 70 per shares in consultation of the Book Running Lead Managers. Balaji Phosphates IPO Anchor bid date is February 27, 2025. The company will allocate 12,24,000 equity shares to the Anchor Investors. Check Full List of Balaji Phosphates Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion

Balaji Phosphates Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Balaji Phosphates IPO allotment date is 5 March, 2025, Wednesday. Balaji Phosphates IPO Allotment will be out on 5 March, 2025 and will be live on Registrar Website from the allotment date. Check Balaji Phosphates IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Balaji Phosphates Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Balaji Phosphates Limited IPO
Balaji Phosphates proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 1,287.90 Lakhs is required to meet the Capital expenditure;
2. ₹ 1,900.00 Lakhs for funding of working capital requirements of the Company; and
3. General corporate purposes.

Refer to Balaji Phosphates Limited RHP for more details about the Company.

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About Balaji Phosphates Limited

Business Overview

Balaji Phosphates Limited is a manufacturer and supplier of Single Super Phosphate (SSP), NPK Granulated & Mixed Fertilizers, and Zinc Sulphate, all of which comply with India’s Fertilizer Control Order (FCO) standards. The company markets its products under the ‘RATNAM’ and ‘BPPL’ brands, serving retailers, wholesalers, government cooperatives, and farmers as end users​.

Manufacturing & Operations

• Manufacturing Facility: Located in Dewas, Madhya Pradesh, strategically positioned for cost-effective distribution.
• Annual Production Capacities:
  • 120,000 MT – Single Super Phosphate (SSP)
  • 3,300 MT – Zinc Sulphate
  • 49,500 MT – NPK Granulated & Mixed Fertilizers​.
• Distribution Network: Primarily serving Madhya Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, and Telangana​.

The company's current capacity utilization stands at 58.5% for SSP, 73.58% for Zinc Sulphate, and 0.06% for NPK mix fertilizer, indicating significant untapped potential. It is actively working to enhance efficiency by addressing manufacturing bottlenecks and optimizing resource utilization.
Employee Structure (as of August 31, 2024)

The company employs 40 full-time employees (excluding contractual labor), categorized as follows:

This skilled workforce, combined with efficient plant operations and marketing teams, enables the company to maintain production quality and expand its market reach​.

Bankers to the Company

• Axis Bank Limited
• Yes Bank Limited

These banks provide financial and banking support for the company’s operations, working capital, and expansion needs​.

Industry Analysis

Global Fertilizer Industry

• The global fertilizer market was valued at $163 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030, driven by the need for higher agricultural productivity and soil fertility enhancement​.
• Key Players: Nutrien, Yara International, CF Industries, The Mosaic Company, and ICL Group dominate the global market.

Indian Fertilizer Industry

• India ranks third globally in fertilizer consumption after China and the US​.
• The Indian fertilizer market was valued at $24 billion in 2023 and is projected to reach $30 billion by 2027, growing at a CAGR of 5%​.
• Government Support & Policies:
  • Nutrient-Based Subsidy (NBS) Scheme – Encourages the use of balanced fertilizers.
  • PM-KISAN & Soil Health Cards – Promotes efficient fertilizer usage.
  • FDI in Agriculture – Stood at $4.77 billion between April 2000 – September 2023, signaling investor interest​.
  • Future Growth: Bain & Co. predicts the Indian agricultural sector will expand to $30-35 billion by 2025​.

Market Position of Balaji Phosphates

• Operates in fertilizer-dependent agricultural regions with a strong distribution network.
• Benefits from strategic plant location, ensuring low transportation costs and competitive pricing​.

Business Strengths

1. Established Presence in the Fertilizer Industry

• Founded in 1996, the company has over two decades of experience in fertilizer manufacturing and distribution​.

2. Strong Market Footprint

• Well-established distribution network across Madhya Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, and Telangana, catering to retailers, cooperatives, and wholesalers​.

3. Cost-Efficient Manufacturing & Strategic Location

• Dewas, Madhya Pradesh plant ensures cost-effective raw material procurement and lower logistics costs​.

4. Diversified Product Portfolio

• Offers a range of phosphate-based fertilizers, including SSP, NPK Mix, and Zinc Sulphate, catering to different soil and crop needs​.

5. Experienced Management Team

• Led by industry veterans, ensuring strong operational execution and business growth​.

Business Strategies

1. Capacity Expansion & Efficiency Enhancement

• Plans to increase production efficiency and optimize capacity utilization across all fertilizer segments​.

2. Market Expansion & Distribution Strengthening

• Expanding its reach by entering new states and strengthening government cooperative partnerships​.

3. Product Innovation & Diversification

• Enhancing its product mix with a focus on specialty fertilizers and value-added nutrients​.

4. Technology Upgradation & Sustainability

• Upgrading plant infrastructure, including scrubber, chimney, and feed hopper assembly with FRP-grade fiber material for improved efficiency and longevity​.

Risk Factors and Concerns

1. Dependence on Agricultural Sector Performance

• Fertilizer sales are highly dependent on monsoon conditions, soil fertility, and government agricultural policies​.

2. Volatility in Raw Material Prices & Supply Chain Risks

• The company relies on imported Rock Phosphate and Sulfuric Acid, exposing it to global supply chain disruptions and price fluctuations​.

3. Regulatory Compliance & Policy Risks

• Fertilizer production is subject to strict regulations under the Fertilizer Control Order (FCO), 1985. Any non-compliance can result in legal penalties​.

4. Competitive Market Landscape

• Competes with large-scale players like Coromandel International, Chambal Fertilizers, and Gujarat State Fertilizers & Chemicals (GSFC), which have larger distribution networks and economies of scale​.

5. Geographic Market Concentration Risk

• Sales are heavily concentrated in five states, making the company vulnerable to regional economic fluctuations and climatic risks​.