Indogulf Cropsciences IPO Day 3 Subscription Status, GMP Today: The Indogulf Cropsciences IPO is going to be closed today, Friday, June 27. The price band of the IPO has been fixed at Rs 105-111 per share. Till 10:39 am on the final day of bidding on Monday, the Rs 200-crore IPO received a 2.39 times subscription, garnering bids for 3,05,29,575 shares as against the 1,27,74,776 shares on offer.
The retail and NII participation stood at 3.23 times and 3.61 times, respectively. Its qualified institutional buyer (QIB) category got a 0.06 times subscription.
The IPO is a fresh issue of Rs 160 crore and an offer for sale (OFS) of Rs 40 crore.
It received a 0.42x subscription on Day 1 and a 0.98x subscription on Day 2.
Indogulf Cropsciences IPO GMP Today
According to market observers, the GMP of the Indogulf Cropsciences IPO is 15.32% today.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Indogulf Cropsciences IPO Allotment Date And Listing Date
Its allotment will take place on July 1, while shares will be listed on both BSE and NSE on July 3.
Indogulf Cropsciences IPO: Apply Or Not?
Anand Rathi, in its IPO note, said the issue appears “fairly priced” with a post-issue market cap of Rs 7,015 million and a price-to-earnings (P/E) ratio of 24.6 times based on annualised FY25 earnings. The brokerage highlighted that despite fluctuations in raw material prices in recent years, the company has maintained “stable top and bottom lines”.
It added that Indogulf Cropsciences (ICL) is well-positioned for long-term growth owing to its “backwards-integrated manufacturing facilities, focused R&D capabilities, a strong distribution and sales network, and a diversified product portfolio”.
However, it also cautioned that the industry is cyclical and influenced by government policies and shifting consumer preference toward organic produce. “We believe ICL is a long-run growth story requiring timely mass initiatives to boost agricultural growth and increase awareness of sustainable farming,” the firm said, while recommending investors to ‘SUBSCRIBE’.
BP Wealth echoed a similar sentiment, noting that the IPO is valued at a P/E of 21.8x at the upper price band, based on projected FY25 earnings, and hence issued a ‘SUBSCRIBE’ rating.
Other brokerages that have also assigned a ‘subscribe’ tag include Adroit Financial Services, Canara Bank Securities, Marwadi Shares and Finance, Master Capital Services, Prithvi Finmart, SMIFS, and Ventura Securities.
Indogulf Cropsciences IPO: More Info
The IPO is a mix of a fresh issue of equity shares worth Rs 160 crore and an offer-for-sale of up to 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF).
The Rs 200-crore initial public offering (IPO) will conclude on June 30. The price band has been fixed at Rs 105-111 per share.
Indogulf Cropsciences garnered over Rs 58 crore from anchor investors.
The proceeds from the fresh issue to the tune of Rs 65 crore will be used for funding working capital requirements, Rs 34.12 crore for repayment of debt, Rs 14 crore for its capital expenditure and general corporate purposes.
Indogulf Cropsciences, which began its operations in 1993, is engaged in the business of manufacturing crop protection products, plant nutrients and biologicals in India.
The shares of the company will be listed on the BSE and NSE.
Systematix Corporate Services is the sole book running lead manager, and Bigshare Services is the registrar of the issue.
