Final hours! Indogulf Cropsciences IPO closes today: Check subscription status, GMP

The maiden public issue of Indogulf Cropsciences saw strong investor interest on its third final day of bidding, June 30. The IPO has been subscribed 25.98 times its offer size.

The issue received bids for 34.72 crore shares, as against the offer size of 1.33 crore shares, according to data on NSE.

Non Institutional investors took the lead in the subscription race in the second half of the day, by booking their reserved portion 48.39 times. Qualified institutional buyers have subscribed their reserved portion nearly 33.26 times. Retail investors booked the portion kept for them by 14.78 times.
In the unofficial market, shares of Indogulf Cropsciences were commanding a premium of ₹12 on June 30, indicating a likely listing gain of 11% over the issue price.

However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.

The price band for the IPO has been set at ₹105 – ₹111 per equity share.

The IPO consists of a fresh issue of 1.44 crore equity shares aggregating to ₹160 crore and an offer for sale of 36.03 lakh shares worth ₹40 crore.

The issue will fetch ₹200 crore at the upper end of the price band.

Indogulf Cropsciences has already garnered ₹58.20 crore from anchor investors. Some of the marquee Institutions that participated in the anchor includes Abakkus Diversified Alpha Fund, Viney Growth Fund, Swyom India Alpha Fund, Sunrise Investment Trust- Sunrise Investment Opportunities Fund and Rajasthan Global Securities.

Funds raised from the IPO will be used to fund working capital, repay debt, and establish a new dry flowable plant in Haryana.

Incorporated in 1993, Indogulf Cropsciences is engaged in manufacturing crop protection products, plant nutrients, and biologicals in India.

The company is also expanding its global footprint, with exports to over 34 countries, reflecting its growing presence in international markets.

On the financial front, the company recorded a revenue of ₹555.79 crore in FY24 with a PAT of ₹28 crore. It has demonstrated consistent performance with an EBITDA margin of over 10% and an ROE of 12.2%.

Systematix Corporate Services is the book-running lead manager of the Indogulf Cropsciences IPO, while Bigshare Services is the registrar.

The allotment for the Indogulf Cropsciences IPO is expected to be finalised on July 1, while the shares will list on BSE, NSE with a tentative listing date fixed as July 3.