The Initial Public Offering of Indogulf Cropsciences Limited was subscribed 94% on the second day of bidding.
The issue received bids of 1,24,97,220 shares against the offered 1,33,65,710 equity shares, at a price band of ₹105-111, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 1.55 times and 85% respectively, whereas Qualified Institutional Buyer Portion and Employee Portion was subscribed 5% and 15% respectively. The issue kicked off for subscription on Tuesday, June 26, 2025, and will close on Monday, June 30, 2025.
Leading brokerage firms like Hem Securities, Mastertrust Capital, Adroit, Anand Rathi, Can Money Securities, BP Wealth, Ventura Securities, SMIFS, Marwadi Financial Services, and Prithvi Finmart have given a “Subscribe” rating to the issue highlighting the company’s positioned itself as one of first few indigenous manufacturers of Pyrazosulfuron Ethyl technical, with 97% purity in India. Its strong market position is further supported by the high entry barriers in the agrochemical sector including costs and complex approvals.
On valuation parse, based on annualised FY25 it is seeking PE of 24.6 times, and post issue market cap comes at Rs 701.5 crore with this the issue is fairly priced. The company has posted stable top and bottom lines despite raw material price volatility in past years. Since the industry that company caters is cyclical, highly dependent on government’s initiatives, shift in consumer preference for organic production and with its fully priced scenario we believe that, ICL is long run growth story which requires timely mass initiatives for agricultural boost, increase awareness of sustainable farming. Systematix Corporate Services Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.
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