Indogulf Cropsciences IPO opens today: GMP at 10%, should you subscribe?

Ahead of the issue, Indogulf Cropsciences allocated 5.25 million equity shares to anchor investors at the upper price band of ₹111 per share to raise ₹58.19 crore

Indogulf Cropsciences IPO: The initial public offering (IPO) of Delhi-based agrochemical company, Indogulf Cropsciences, will open for public subscription today, June 26. At the upper price band, the company aims to raise ₹200 crore. 

 

Ahead of opening of the issue, Indogulf Cropsciences has raised ₹58.19 crore from anchor investors. The company allocated 5.25 million equity shares at the upper price band of ₹111 per share with a face value of ₹10 per share, according to the exchange filing.

 

Abakkus Diversified Alpha Fund, Viney Growth Fund, Swyom India Alpha Fund, Sunrise Investment Trust, and Rajasthan Global Securities were the anchor investors who participated in the public issue.

 

Indogulf Cropsciences IPO grey market premium (GMP)

The unlisted shares of Indogulf Cropsciences were trading at ₹122 in the grey market, ₹11 or 9.9 per cent, according to sources tracking unofficial market activities.  Track Stock Market LIVE Updates

Here are the key details of the Indogulf Cropsciences IPO:

Indogulf Cropsciences aims to raise ₹200 crore through a combination of fresh issue of 14.4 million equity shares, aggregating to ₹160 crore and offer-for-sale (OFS) of 3.6 million shares aggregating to ₹40 crore.

Indogulf Cropsciences lot size, price band

Indogulf Cropsciences IPO is available at a price band of ₹105-111 per share, with a lot size of 135 shares. To bid at least one lot of the IPO, a retail investor would require a minimum investment amount of ₹14,175. Retail investors can bid for a maximum of 14 lots or 1,890 shares, amounting to ₹1,98,450.

Indogulf Cropsciences IPO allotment date, listing date

The three-day subscription window to bid for the issue will close on Monday, June 30, 2025. Following the closure of the subscription window, the basis of allotment of shares is expected to be finalised on Tuesday, July 1, 2025. Shares of Indogulf Cropsciences will make their debut on the bourses, BSE and NSE, tentatively on Thursday, July 3, 2025.

Indogulf Cropsciences IPO registrar, lead manager

Bigshare Services is the registrar for the issue. Systematix Corporate Services is the book-running lead manager.

Indogulf Cropsciences IPO objective

According to the red herring prospectus (RHP), the company intends to utilise ₹65 crore from the net fresh issue proceeds for funding its working capital requirements and ₹34.12 crore for repayment or prepayment of certain outstanding borrowings. In addition, ₹14 crore will be used for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat in Haryana. The remaining funds will be used for general corporate purposes. 

Should you subscribe to the Indogulf Cropsciences IPO?

Anand Rathi Research - Subscribe 

Analysts at Anand Rathi Research believe that the issue is fairly priced as based on the annualised FY25 it seeks a PE of 24.6 times, and post-issue market cap comes at ₹701.5 crore. The company has posted stable top and bottom lines despite raw material price volatility in past years. 

 

"We believe that Indogulf Cropsciences is well placed to achieve growth in the long run with its backward integrated manufacturing facilities, focused R&D capabilities, strong distribution and sales network and diversified product portfolio," the brokerage said in a note. 

 

Furthermore, since the industry that the company caters to is cyclical, highly dependent on government initiatives, shift in consumer preference for organic production and with its fully priced scenario, Indogulf is a long-term growth story which requires timely mass initiatives for agricultural boost, increased awareness of sustainable farming, the brokerage added. 

About Indogulf Cropsciences

Incorporated in 1993, Indogolf Cropsciences operates in the agrochemical sector, specialising in the manufacturing of crop protection products, plant nutrients, and biologicals in India. The company manufactures and markets an extensive range of products in all types of available formulations such as water dispersible granules (WDG), suspension concentrate (SC), capsule suspension (CS), ultralow volume (ULV), emulsion in water (EW), soluble granule (SG), flowable suspension (FS), etc. which can be in powder, granules and liquid form to its customers. The company's diverse product portfolio caters to various crops, including cereals, pulses and oilseeds, fibre crops, plantations, and fruits and vegetables.