Indogulf Cropsciences Makes Flat Stock Market Debut

Indogulf Cropsciences Ltd made its market debut with shares listing at the issue price of Rs 111 on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday. The stock saw an incremental rise, registering a 1.44% increase to Rs 112.60 on the BSE and a 1.35% growth to Rs 112.50 on the NSE.

The public offering witnessed substantial investor interest, being over-subscribed 25.98 times, largely driven by institutional investor participation. This IPO consisted of a fresh issue of shares worth Rs 160 crore combined with an offer-for-sale by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF), showing robust backing from investors.

The proceeds from the IPO are strategically allocated, with Rs 65 crore designated for working capital requirements, Rs 34.12 crore for debt repayment, and Rs 14 crore set aside for capital expenditure and general corporate purposes. Indogulf Cropsciences, operational since 1993, specializes in manufacturing crop protection products, plant nutrients, and biologicals in India.

(With inputs from agencies.)