Indogulf Cropsciences IPO to open on June 26; Price band set at Rs 105–111 per share
Indogulf Cropsciences has announced that its initial public offering (IPO) will open for subscription on Thursday, June 26, and close on Monday, June 30. The price band for the offer is fixed at Rs 105 to Rs 111 per equity share, each with a face value of Rs 10.
Investors can bid for a minimum of 135 equity shares and in multiples thereafter.
The IPO comprises a fresh issue of equity shares worth Rs 160 crore and an offer for sale (OFS) of up to 36,03,603 shares—including 15,40,960 shares by Om Prakash Aggarwal (HUF) and 20,62,643 shares by Sanjay Aggarwal (HUF).
Indogulf plans to utilise Rs 65 crore from the fresh issue proceeds to meet working capital requirements, Rs 34.12 crore to repay or prepay certain outstanding borrowings, and Rs 14 crore towards capital expenditure for setting up a dry flowable (DF) manufacturing plant at Barwasni in Haryana's Sonipat district. The remaining funds will be used for general corporate purposes.
Established in 1993, Indogulf Cropsciences operates across three primary business segments: crop protection, plant nutrients, and biologicals. The company caters to both retail and institutional customers and focuses on enhancing agricultural productivity. It is among the first few indigenous manufacturers of Pyrazosulfuron Ethyl technical in India, with a minimum purity of 97%, and began production in 2018. The company is also recognised as a Two-Star Export House and has exported products to over 34 countries.
The company's clientele includes major domestic names such as Krishi Rasayan Exports, Parijat Industries, BR Agrotech, and Crystal Crop Protection. Its suppliers include Coromandel International, GSP Crop Science, and Chinese firms such as Dagro Chemical and Hubei Benxing Supply Chain Management.
Indogulf currently operates four manufacturing facilities located in Jammu & Kashmir and Haryana. It also has two subsidiaries—Indogulf Cropsciences Australia Pty Ltd in Sydney and Abhiprakash Globus Private Limited in Delhi.
With a strong domestic and international presence, the company operates across 22 Indian states and 3 Union Territories, supported by 6,916 active distributors, 192 institutional business partners, 17 stock depots, 6 sales and branch offices, and 143 overseas business partners spread across over 34 countries.
Financially, the company reported a revenue of Rs 552.23 crore in FY24, marginally up from Rs 549.66 crore in FY23. Profit after tax rose by 25.91% to Rs 28.23 crore in FY24, up from Rs 22.42 crore the previous year. For the nine months ended December 31, 2024, revenue stood at Rs 464.19 crore, with a net profit of Rs 21.68 crore.
Systematix Corporate Services Limited
is acting as the sole book-running lead manager to the issue, while Bigshare Services Private Limited is the registrar. The IPO will be conducted through a book-building process, with up to 50% of the net offer reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors, and a minimum of 35% for retail individual investors.
Based on the price band, the total issue size is estimated at Rs 197.84 crore at the lower end and Rs 200 crore at the upper end.
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