Indogulf Cropsciences shares trade flat after muted listing. Should you buy, sell or hold?
Indogulf Cropsciences shares were listed at ₹ 111 apiece on the BSE and NSE, same as the issue price. The stock failed to gain buying momentum after a flat debut and was trading around its listing price.
On BSE, Indogulf Cropsciences share price gained as much as 1.44% to an intraday high of ₹ 112.60 apiece, while the stock rose 1.8% to ₹ 113 apiece on NSE.
Indogulf Cropsciences IPO listing was below Street estimates, as analysts and grey market premium (GMP) indicated listing with modest premium. Analysts expected listing gains of around 8-10%, Indogulf Cropsciences IPO GMP today ahead of listing also signalled a premium of 16%.
Indogulf Cropsciences entered the public markets at a time when India's agri-input sector is undergoing structural transformation.
'Given its pan-India reach, global footprint across 34 countries, and alignment with India's agri-policy thrust, Indogulf Cropsciences sits well in the mid-cap growth bucket. Post-listing, investors should watch for sustained margin expansion and execution on the DF plant. We believe it holds merit for medium- to long-term allocation in diversified portfolios,' said Bhavik Joshi, Business Head, INVasset PMS.
Mahesh M. Ojha, AVP Research & Business Development at Hensex Securities Pvt. Ltd. suggested investors with a 2-3 year horizon to hold Indogulf Cropsciences shares for a long term after listing, on the back of strong fundamentals and fair valuations.
Indogulf Cropsciences IPO hit the markets on Thursday, June 26. The IPO's subscription period ended on Monday, June 30, while the IPO allotment date was July 1. Indogulf Cropsciences IPO listing date was today, July 3, and the Indogulf Cropsciences shares are listed on both the stock exchanges, BSE and NSE.
The ₹ 200-crore Indogulf Cropsciences IPO was subscribed 25.98 times in total. Indogulf Cropsciences IPO price band was ₹ 105 to ₹ 111 per share.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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