The maiden public issue was subscribed 25.98 times at close. Investors bids for 34.72 crore shares, in comparison to the offer size of 1.33 crore shares.
The non institutional investors took the lead in the subscription race, by booking their reserved portion 48.39 times. Qualified institutional buyers have subscribed their reserved portion nearly 33.26 times. Retail investors portion was booked 14.78 times.The IPO included 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.
Indogulf Cropsciences had already garnered ₹58.20 crore from anchor investors, including 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 was the book-running lead manager of the Indogulf Cropsciences IPO, while Bigshare Services was the registrar.
