Indogulf Cropsciences shares make flat market debut; list at par with issue price

New Delhi: Shares of Indogulf Cropsciences Ltd made a flat market debut on Thursday listing at par with the issue price of Rs 111.

The stock got listed at Rs 111 on both the BSE and NSE.

Later, it climbed 1.44 per cent to Rs 112.60 on the BSE.

At the NSE, the stock went up by 1.35 per cent to Rs 112.50 after a flat debut.

The company's market valuation stood at Rs 707.48 crore.

The initial public offer of Indogulf Cropsciences Ltd received 25.98-times subscription on the closing day of bidding on Monday, helped by encouraging participation from institutional investors.

The company's initial share sale had a price band of Rs 105-111 per share.

The IPO was 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, and 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.