Indogulf Cropsciences IPO subscribed 40% on Day 1

 Indogulf Cropsciences IPO subscribed 40% on Day 1

The Initial Public Offering of Indogulf Cropsciences Limited was subscribed 40% on the first day of bidding.

The issue received bids of 53,87,850 shares against the offered 1,33,65,710 equity shares, at a price band of ₹105-111, according to the data available on the stock exchanges.

Retail Portion and Non-Institutional Investors Portion were subscribed 69% and 27% respectively, whereas Qualified Institutional Buyer Portion and Employee Portion was subscribed 5% each. The issue kicked off for subscription on Tuesday, June 26, 2025, and will close on Monday, June 30, 2025. 

A day before the opening of the issue, Indogulf Cropsciences Ltd raised Rs 58.20 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Abakkus Diversified Alpha Fund, Viney Growth Fund, Swyom India Alpha Fund, Sunrise Investment Trust- Sunrise Investment Opportunities Fund and Rajasthan Global Securities Private Limited.

Leading brokerage firms like Anand Rathi, Can Money Securities, BP Wealth, Ventura Securities, SMIFS, Marwadi Financial Services, and Prithvi Finmart have given a “Subscribe” rating to the issue highlighting the company’s positioned itself as one of first few indigenous manufacturers of Pyrazosulfuron Ethyl technical, with 97% purity in India. Its strong market position is further supported by the high entry barriers in the agrochemical sector including costs and complex approvals.

On valuation parse, based on annualised FY25 it is seeking PE of 24.6 times, and post issue market cap comes at Rs 701.5 crore with this the issue is fairly priced. The company has posted stable top and bottom lines despite raw material price volatility in past years. Since the industry that company caters is cyclical, highly dependent on government’s initiatives, shift in consumer preference for organic production and with its fully priced scenario we believe that, ICL is long run growth story which requires timely mass initiatives for agricultural boost, increase awareness of sustainable farming.

Systematix Corporate Services Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.

Company Information

Indogulf Cropsciences commenced its operations in 1993 and primarily operate under three business verticals namely crop protection, plant nutrients and biologicals, to retail and institutional customers focused on improving the crop yield. It is engaged in the business of manufacturing of crop protection products, plant nutrients and biologicals in India. 

It is one of the first few indigenous manufacturers of Pyrazosulfuron Ethyl technical, with the minimum purity of 97% indigenously in India and commenced production in 2018. It is recognized as a ‘Two Star Export House’ and a growing exporter of crop protection, plant nutrients and biologicals products and it exported its products to over 34 countries. (Source: CareEdge Report)

The table below shows subscription data for all the categories of investors: