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Indogulf Cropsciences Limited IPO
Indogulf Cropsciences Limited issued an initial public offering (IPO) on June 26, 2025 and the subscription period will end on June 30, 2025. The IPO will raise ₹200 crore with a mix of fresh issue and an offer for sale (OFS). The new issue is 1.44 crore equity shares of 160 crore and 36.03 lakh shares of 40 crore will be sold by promoters and existing shareholders. The IPO price band is set at ₹105-111 per share with a minimum lot size of 135 shares. The retail investor will have to invest around 14,985 at the upper band. The IPO will be listed on BSE and NSE on July 3, 2025.
Company Background
Indogulf Cropsciences Limited is an Indian agrochemical company based in Delhi and incorporated in 1993. The company specializes in crop protection products, plant nutrients and biologicals manufacturing along with marketing. It has set a strong foundation in India and exports to various countries, which have helped in agricultural productivity and sustainability.
Operations & Product Range
Facility & Production:
Indogulf Cropsciences has four ISO-certified manufacturing units in Haryana and Jammu & Kashmir with 20 acres of space. A wide variety of agrochemical products is produced in these facilities, such as insecticides, fungicides, herbicides, special fertilizers, bio-stimulants and bio-fertilizers. The company has 225 trademarks, 8 copyrights, 6 design registrations and 3 packaging patents to make sure the products are quality and safe.
Brands & Market Presence:
The products of the company are sold under different brands including Biogold, Indo Breeza and Indo Mychoriza. It enjoys a wide distribution network in 22 Indian states and 3 Union Territories with 169 business partners and more than 5,700 distributors. Indogulf also exports to 34 countries which shows its good domestic and international market presence.
Revenue Channels
Indogulf Cropsciences majorly earns its revenue by selling its crop protection chemicals, plant nutrients and biological products. The company serves retail and institutional clients and sells products in powder, granules and liquid forms. Its product diversification and wide geographic coverage are some of the factors that lead to stable revenues. The company had a revenue of 555.79 crore and a profit after tax (PAT) of 28.23 crore and an EBITDA margin of more than 10 percent in FY 2023-24.
Management & Shareholding
Promoters & Shareholding:
Indogulf Cropsciences Limited is promoted by Om Prakash Aggarwal, Sanjay Aggarwal, Anshu Aggarwal and Arnav Aggarwal. The promoter group has a substantial majority interest of 96.87 percent pre-IPO that will decline to approximately 69.07 percent after the fresh issue and offer of sale. The rest are owned by the public and institutional investors. This high promoter ownership is an indication of their large ownership and interest in the growth of the company.
Board Members:
The board of Indogulf Cropsciences consists of Chairman Om Prakash Aggarwal, Managing Director Sanjay Aggarwal, Non-Executive Director Anshu Aggarwal, key executives and independent director Rahul Gupta, which offers good leadership and governance.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Indogulf Cropsciences Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Indogulf Cropsciences Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 26, 2025 to June 30, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹105 to ₹111 per share |
| Lot Size | 135 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,80,18,017 shares (aggregating up to ₹200.00 Cr) |
| Fresh Issue | 1,44,14,414 shares (aggregating up to ₹160.00 Cr) |
| Offer for Sale | 36,03,603 shares of ₹10 (aggregating up to ₹40.00 Cr) |
| Net Offered to Public | 1,80,18,017 shares (aggregating up to ₹200.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 4,87,87,456 shares |
| Share Holding Post Issue | 6,32,01,870 shares |
Indogulf Cropsciences Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Jun 26, 2025 |
| IPO Close Date | Mon, Jun 30, 2025 |
| Tentative Allotment | Tue, Jul 1, 2025 |
| Initiation of Refunds | Wed, Jul 2, 2025 |
| Credit of Shares to Demat | Wed, Jul 2, 2025 |
| Tentative Listing Date | Thu, Jul 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 30, 2025 |
Indogulf Cropsciences Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 135 | ₹14,985 |
| Retail (Max) | 13 | 1755 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,890 | ₹2,09,790 |
| S-HNI (Max) | 67 | 8,910 | ₹9,89,010 |
| B-HNI (Min) | 68 | 9,045 | ₹10,03,995 |
Indogulf Cropsciences Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 96.86% | - |
Competitive Strength:
- ● The company has been in existence since 1993 with a diversified product portfolio that has grown from 198 products in FY22 to 262 products by December 2024.
- ● Four ISO-certified manufacturing plants that have high production capabilities.
- ● Good distribution network in India and exports to 34 countries.
- ● Strong financial results and stable EBITDA margins of more than 10% and a return on equity (ROE) of 12.2%.
- ● Intellectual property portfolio such as trademarks, copyrights, design registrations and patents.
Indogulf Cropsciences Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 597.81 | 466.31 | 21.68 | 265.43 | 206.3 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 542.25 | 555.79 | 28.23 | 231.65 | 154.56 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 517.51 | 552.19 | 22.42 | 203.25 | 189.22 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 413.59 | 490.23 | 26.36 | 180.51 | 101.38 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 12.20% |
| ROCE | 11.93% |
| Debt/Equity | 0.67 |
| RoNW | 12.19% |
| PAT Margin | 5.11% |
| Price to Book Value | 1.13 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.79 | 4.57 |
| P/E (x) | 19.18 | 24.27 |
IPO Objectives
The main purposes of the Indogulf Cropsciences IPO are:
- To meet working capital needs.
- To pay off current debt, thus improving the balance sheet.
- To fund capital expenditure to establish a new dry flowable (DF) plant in Haryana, to increase production capacity and products.
Conclusion
The 200 crore IPO of Indogulf Cropsciences Limited is a chance that investors have to invest in a growing agrochemical company that has a good product line, a wide distribution system and a stable financial performance. Its emphasis on increasing manufacturing capacity and deleveraging places it in a good position to grow in the future in the growing agri-input market in India. The price band of the IPO is very attractive and the grey market premium is positive, which means that there is good interest among the investors.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. How many minimum lots are there to apply for?1. How many minimum lots are there to apply for?
The smallest lot is 135 shares, which needs an investment of approximately 14,985 at the higher price band.
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2. How much is the overall size of the IPO?
The size of the total issue is 200 crore, 160 crore fresh issue and 40 crore offer for sale.
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3. How will the proceeds of the IPO be utilized?
The money will be utilized in working capital, debt repayment and establishing a new dry flowable plant in Haryana.
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4. What is the number of manufacturing plants of Indogulf Cropsciences?
It has four manufacturing plants with ISO certification that are situated in Haryana and Jammu & Kashmir.
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5. What are Indogulf Cropsciences' main product categories?
Plant nutrients, biologicals, and crop protection agents (herbicides, fungicides, and insecticides) are the main goods.
