Agro Phos India SME IPO garners Rs 200 cr subscription

Indore-based Agro Phos India, has taken the SME markets by storm garnering a whopping subscription of over Rs 200 crore -- the largest subscription ever received by an SME IPO.
The issue opened for subscription on October 27 and closed today was over-subscribed by more than 17 times of the total shares offered, which is also the highest-ever subscription for an SME IPO, a statement issued here by lead manager Pantomath Group said.
The company came out with a public offering of 58,80,000 equity shares with a price band of Rs 19-22 per equity share on Emerge Platform of NSE.

The issue not only set record by receiving highest-ever subscription amount, but also witnessed heavy participation from both retail and non retail sectors.
Incorporated in 2002, Agro Phos India is engaged in the manufacturing of fertilisers such as single super phosphate, nitrogen phosphate and potassium, zinc sulphate, organic manure and calcium sulphate, commonly known as soil conditioner or gypsum.