Indogulf Cropsciences IPO subscribed 40% on Day 1 of offer

New Delhi: The initial public offer of Indogulf Cropsciences Ltd was subscribed by 40 per cent on the first day of bidding on Thursday.

The initial share sale received bids for 53,77,320 shares, as against 1,33,65,710 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) received 69 per cent subscription, while the quota for non-institutional investors got subscribed by 27 per cent. The Qualified Institutional Buyers (QIBs) part received 5 per cent subscription.

Indogulf Cropsciences on Wednesday said it has garnered over Rs 58 crore from anchor investors.

The Rs 200-crore initial public offering (IPO) will conclude on June 30. The price band has been fixed at Rs 105-111 per share.

The IPO is a mix of a fresh issue of equity shares worth Rs 160 crore and an offer-for-sale of up to 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF).

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.

The shares of the company will be listed on the BSE and NSE.

Systematix Corporate Services is the sole book running lead manager, and Bigshare Services is the registrar of the issue.