Indogulf Cropsciences made its stock market debut today, listing on both the BSE and NSE. The shares opened at Rs 111 on the BSE and NSE, same as the issue’s upper price band of Rs 111.
The listing comes after the company completed its mainboard IPO process last week.
Let’s take a look at the key highlights of this mainboard issue-
Indogulf Cropsciences IPO: Grey market indications
Ahead of the listing, the company’s shares were trading at a premium of Rs 12 in the grey market. This suggested a possible listing price of around Rs 123, which is approximately 11% higher than the upper end of the price band.
Indogulf Cropsciences IPO schedule and details
The IPO was open for subscription from June 26 to June 30. The allotment was finalised on July 1, and the shares were listed today, July 3.
Through this offering, the company raised Rs 200 crore through a book-built issue, priced between Rs 105 and Rs 111 per share.
Prior to the IPO opening, Indogulf Cropsciences also secured Rs 58.20 crore from anchor investors on June 25.
Indogulf Cropsciences IPO: Subscription status
The IPO saw an overall subscription of 25.98 times. In the retail category, it was subscribed 14.78 times, while the Qualified Institutional Buyers (QIBs) portion was subscribed 33.26 times.
The Non-Institutional Investors (NII) segment received 48.39 times subscription.
Looking at the key players of the issue, Systematix Corporate Services acted as the book-running lead manager, and Bigshare Services served as the registrar to the issue.
About the Company
Indogulf Cropsciences was incorporated in 1993 and is involved in the manufacturing of crop protection products, plant nutrients, and biologicals. The company has produced Spiromesifen technical with 96.5% purity and is among the early domestic manufacturers of Pyrazosulfuron Ethyl technical with 97% purity.