Indogulf Cropsciences Limited, a Haryana-based agrochemical company in India, launched its IPO on June 26 with a price band of ₹105–₹111 per share. The IPO was subscribed 16% on Day 1, raising ₹58.20 crore from anchor investors. Backed by a strong R&D foundation and wide distribution across India and globally, the IPO has garnered cautious optimism from analysts, with a “Subscribe” rating from Anand Rathi Research.
Indogulf Cropsciences Limited, an agrochemical company based in Haryana, India, launched its ₹160 crore initial public offering (IPO) on June 26. The company, which produces crop protection products, plant nutrients, and biological solutions, has priced the IPO between ₹105 and ₹111 per equity share. The offer closes on June 30.
Indogulf Cropsciences has already raised ₹58.20 crore from anchor investors including Abakkus Asset Manager, Swyom India Alpha Fund, and Sunrise Investment Trust. The anchor allotment was made at ₹111 per share, allocating 52.43 lakh shares to institutional investors.
The IPO consists of a fresh issue worth ₹160 crore and an offer for sale of 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF). Of the funds raised, ₹65 crore will be used for working capital, ₹34.12 crore for debt repayment, and ₹14 crore for capital expenditure.
By 10:15 IST on June 26, the IPO was subscribed 16%, with retail investors booking 4% and non-institutional investors subscribing 1%. Qualified institutional buyers are yet to place bids.
Systematix Corporate Services is the book-running lead manager for the issue, while Bigshare Services is acting as the registrar.
The grey market premium (GMP) stood at ₹11 on June 26, suggesting a listing price of ₹122 — a 9.91% increase over the issue price.
Founded with a strong focus on research and development, Indogulf operates four manufacturing facilities across Jammu & Kashmir and Haryana. It became one of the first Indian companies to manufacture Pyrazosulfuron Ethyl and Spiromesifen technicals with over 96% purity. Its distribution network spans 22 Indian states and 34 international markets.
Anand Rathi Research assigned a “Subscribe” rating to the IPO, citing the company’s robust revenue and profit growth despite raw material volatility. The report emphasized the company’s integrated production capabilities, wide distribution, and increasing focus on sustainable agriculture.
The allotment of shares will be finalized on July 1, followed by refunds on July 2. The listing on the NSE and BSE is scheduled for July 3, 2025.
