Indogulf Cropsciences IPO: A Resounding Success with 25.98 Times Oversubscription
Indogulf Cropsciences Ltd's IPO received a remarkable 25.98 times subscription, with significant interest from institutional investors. The company plans to use the funds for working capital, debt repayment, and corporate expenses. The IPO mix includes fresh equity and an offer-for-sale by major promoters.
- Country:
- India
The initial public offering (IPO) of Indogulf Cropsciences Ltd has generated significant investor interest, achieving an impressive 25.98 times subscription by the close of bidding on Monday. This strong demand was driven by robust participation from institutional investors.
Data from the National Stock Exchange (NSE) indicate that the company's initial share sale received bids for over 34 crore shares against an offering of approximately 1.34 crore shares. The non-institutional investors' quota was oversubscribed 48.39 times, while Qualified Institutional Buyers (QIBs) subscribed 33.26 times, and Retail Individual Investors (RIIs) saw a 14.78 times subscription rate.
The IPO aims to raise capital for various financial needs, with Rs 65 crore earmarked for working capital, Rs 34.12 crore for debt repayment, and Rs 14 crore for capital expenditures. The company, a prominent player in manufacturing crop protection products since 1993, will soon list its shares on the BSE and NSE.
(With inputs from agencies.)
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