Indogulf Cropsciences IPO listing today. Check GMP ahead of debut
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Shares of Indogulf Cropsciences are set to debut on the bourses on Thursday after the agrochemical company concluded a Rs 200-crore IPO that saw strong investor interest across categories. In the grey market, the stock is commanding a premium of Rs 17 over the issue price of Rs 111, suggesting a listing gain of over 15%.The IPO, which opened for subscription on June 26 and closed on June 30, comprised a fresh issue of 1.44 crore equity shares worth Rs 160 crore and an offer for sale of 36 lakh shares aggregating Rs 40 crore.Indogulf's offering was subscribed over 27 times, with robust demand from institutional and non-institutional investors. The QIB portion alone was subscribed more than 31 times, while the NII and retail categories were subscribed over 49 and 14 times respectively.Indogulf Cropsciences, incorporated in 1993, is a homegrown manufacturer of crop protection products, plant nutrients, and biologicals.The company operates four manufacturing facilities across Haryana and Jammu & Kashmir, and services a vast domestic and international distribution network. It boasts 5,772 distributors in India and 129 partners across 34 countries.The IPO proceeds will primarily be used to meet working capital needs, repay or prepay outstanding loans, and invest in a new dry flowable (DF) plant in Sonipat, Haryana.On the financial front, Indogulf reported a profit of Rs 28.23 crore in FY24 on revenues of Rs 555.79 crore. While growth was relatively stable over FY23 and FY24, the company's PAT margin stood at 5.11%, and ROE at 12.2%. Systematix Corporate Services was the book-running lead manager and Bigshare Services acted as the registrar to the issue. The equity shares will be listed on both BSE and NSE.With investor sentiment buoyant and a positive grey market premium of Rs 17, all eyes will be on how Indogulf performs on listing day.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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