Indogulf Cropsciences IPO Oversubscribed Today Date June 30
The strong response to the IPO is a testament to the company's growth potential and the confidence of investors in the agrochemicals sector. With the proceeds from the IPO, Indogulf Cropsciences plans to reduce its debt and improve its profitability, making it an attractive investment opportunity for investors.
The Indogulf Cropsciences initial public offering (IPO) has ended with a significant oversubscription of 22.65 times on June 30, with retail investors subscribing 12.63 times and high-net-worth individuals subscribing 47.25 times. The IPO was priced at Rs 111 per share, with a total size of Rs 200 crore.
The company's shares are expected to list on July 3, with a potential gain of 10.81% based on the current grey market premium (GMP) of Rs 12. Adroit Financial Services recommends subscribing to the IPO, citing strong fundamentals and growth potential. The IPO proceeds will be used to reduce long-term debt, improving profitability and EPS in future quarters.
Indogulf Cropsciences, an agrochemicals producer, has closed its mainboard issue with a strong subscription of nearly 26 times on the third and last day of bidding on June 30. The company received bids for over 34.72 crore shares, compared to 1.33 crore shares on offer. The IPO price band was fixed at Rs 105 to Rs 111 per share.
The shares are scheduled to be listed on the NSE and BSE on July 3. Investors can check their allotment status on the websites of BSE, NSE, and the issue registrar, Bigshare Services. The current grey market premium is Rs 12 apiece, indicating an expected listing price of Rs 123 per share, reflecting a potential list gain of nearly 11% per share.