Indogulf Cropsciences IPO: The subscription of the IPO of Indogalf Cropsinsage was closed today i.e. on 30 June. The price band of this IPO was set ₹ 105- ₹ 111 per share. On the last day of bidding on Monday, IPO of ₹ 200 crore received a strong subscription of 27.17 times. In this IPO, retail investors subscribed 14.97 times and non-institutional investors 49.06 times subscribe. At the same time, qualified institutional buyers (QIB) category received 31.73 times subscription. This IPO includes a fresh issue of ₹ 160 crore and ₹ 40 crore ofS. It received 0.42 times on the first day and 0.98 times subscription on the second day.
Indogulf Cropsciences started in 1993. The company is engaged in the business of manufacturing crop safety products, plant nutrients and organics in India. Out of the money received from the company IPO, an amount of ₹ 65 crore will be used for working capital requirements, ₹ 34.12 crore will be used for repaying loans, ₹ 14 crore will be used for capital expenditure and general corporate purposes.
Complete information about IPO
The IPO of Indogulf Cropsciences includes a fresh issue of equity shares of ₹ 160 crore and sales of ₹ 36.03 lakh shares by promoters Om Prakash Aggarwal and Sanjay Aggarwal. This IPO of ₹ 200 crore closed on 30 June. Let us know that Indogulf Cropsciences had raised more than ₹ 58 crore from anchor investors. Its allotment will be held on July 1, while the stock will be listed on both BSE and NSE on July 3. Systematix Corporate Services is the only book running lead manager for this IPO, and BigShare Services is the Registrar of this issue.
What is the opinion of experts?
On the IPO of Indogalf Cropsinsage, Anand Rathi said that this issue appears to be ‘at a reasonable price’ with a post-insurance market cap of ₹ 7,015 million based on the annual income of the financial year 25 and a price-to-to-year ratio of ₹ 7,015 million. He further stated that Indogulf Cropsciences (ICL) is in good condition for development over long periods of time due to its ‘backward-integrated manufacturing facilities, concentrated research and development capabilities, a strong distribution and sales network and a diverse product portfolio’. The firm advised investors to ‘subscribe’, saying, “We believe that ICL is a long -term development story that requires a large scale initiative to promote agricultural development and increase awareness about sustainable farming.”
BP Wealth also expressed a similar opinion that the IPO has been evaluated at the upper price band on the P/E of 21.8x based on the estimated income of FY 25, and hence the ‘subscribed’ rating is released. Other brokerage that has assigned the ‘subscribe’ tag includes Adroite Financial Services, Canara Bank Securities, Marwari shares and Finance, Master Capital Services, Prithvi Finmart, SMIFS and Ventura Securities.
INDOGULF CROPSCIENCES IPO’s latest GMP
According to IPO market supervisors, the Gray Market Premium (Gmp) of Indogulf Cropscines IPO is 10.81% on 30 June. However, its GMP was recorded at 15% this morning. That is, there has been a big decline in the company’s GMP. However, in the listing to be held on July 3, it will be known how much listing gains are received by investors.