By News18
Indogulf Cropsciences IPO Listing: Indogulf Cropsciences Ltd on Thursday made a flat listing on the stock exchanges on Thursday, July 3, 2025. Its shares were listed on the BSE at Rs 111 apiece, which is flat as compared with its IPO issue price of Rs 111. However, the shares dipped into the red to fall up to Rs 106 before coming marginally in green to trade at Rs 111.5 apiece as of 10:12 am.
On the NSE also, the shares were listed at Rs 111, which is flat listing as compared to its issue price.
The listing is below the expectations as the grey market premium or GMP had suggested 16.22% listing gains for investors.
The Indogulf Cropsciences IPO was open for public subscription between June 25 and June 27. The Rs 200-crore IPO received a strong 27.17 times subscription, garnering bids for 34,71,50,475 shares as against the 1,27,74,776 shares on offer. The retail and NII participation stood at 14.97 times and 49.06 times, respectively. Its qualified institutional buyer (QIB) category got a 31.73 times subscription.
The IPO is a fresh issue of Rs 160 crore and an offer for sale (OFS) of Rs 40 crore.
Should You Buy, Hold, Or Sell?
Most brokerage recommended a 鈥榮ubscribe鈥 rating to the IPO for the long term.
Indogulf Cropsciences Ltd (ICL) is well-positioned for long-term growth owing to its 鈥渂ackwards-integrated manufacturing facilities, focused R&D capabilities, a strong distribution and sales network, and a diversified product portfolio鈥, Anand Rathi said.
Another brokerage BP Wealth said the IPO is valued at a P/E of 21.8x at the upper price band, based on projected FY25 earnings.
So, at the Rs 111 issue price, the brokerages recommended a buy rating to the stock.
The proceeds from the fresh issue to the tune of Rs 65 crore will be used for funding working capital requirements, Rs 34.12 crore for repayment of debt, Rs 14 crore for its capital expenditure and general corporate purposes.
Indogulf Cropsciences, which began its operations in 1993, is engaged in the business of manufacturing crop protection products, plant nutrients and biologicals in India.