The IPO received bids for 71,77,680 shares against the 1,33,65,710 shares on offer. Retail investors showed the highest interest, subscribing to 92% of their allotted quota. The non-institutional investor (NII) portion was subscribed 38%, while qualified institutional buyers (QIBs) subscribed 5%.
In the grey market, Indogulf shares were quoting a premium of Rs 8–9, indicating an estimated upside of around 7% over the upper end of the price band. The grey market premium (GMP) has eased slightly from Rs 10–11 a day earlier, when it implied a 9% premium.
Also Read: 73% down and still no bottom! Will Ola Electric break Rs 38 and slide to Rs 31?
The issue is open for subscription until June 30, with allotment expected on July 1 and listing tentatively scheduled on both BSE and NSE on July 3.
The IPO is priced in the range of Rs 105 to Rs 111 per share. Investors can apply for a minimum of one lot comprising 135 shares, amounting to Rs 14,985 at the upper price band.Also Read: Street Favourite! 10 Nifty micro-cap stocks analysts expect to rally up to 60%Systematix Corporate Services is the book-running lead manager for the IPO, with Bigshare Services acting as the registrar. The issue has received keen interest across investor categories, supported by the company’s strong fundamentals and diversified business operations.
Established in 1993, Indogulf Cropsciences is a well-known player in the agrochemical industry. The company manufactures crop protection products, plant nutrients, and biologicals and has a strong presence across 22 Indian states, 3 Union Territories, and exports to 34 countries.
Its robust infrastructure includes four manufacturing units in Haryana and Jammu & Kashmir, complemented by a large distribution network and 640 permanent employees.
Financially, the company posted a revenue of Rs 555.79 crore in FY 2023–24 with a PAT of Rs 28.23 crore. It has demonstrated consistent performance with an EBITDA margin of over 10 percent and an ROE of 12.2%.
The IPO proceeds will be used to fund working capital, repay debt, and establish a new dry flowable plant in Haryana.
With its experienced promoters, strong R&D capabilities, and sectoral tailwinds from India’s growing agri-input market, Indogulf Cropsciences IPO presents a promising investment opportunity for those seeking long-term value in the chemical and agri-tech space.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
By
