New Delhi, July 3 (H.S.): Indogulf Cropsciences' IPO, issued at ₹111, disappointed investors with a flat market entry today, listing unchanged on the BSE and NSE. After the first hour of trading, the stock declined to ₹106, resulting in a ₹5 loss per share for IPO investors. The ₹200 crore IPO, open for subscription from June 26-30, attracted significant interest, with an overall subscription rate of 27.17 times.

The Qualified Institutional Buyers (QIB) portion was subscribed 31.73 times, Non-Institutional Investors (NII) 49.06 times, and retail investors 14.97 times. The offering included new shares worth ₹160 crore and 3,603,603 shares through an offer-for-sale. The raised funds will finance the new dry flowable plant, repay debts, and cover working capital and corporate needs.

Financially, the company’s net profit improved from ₹22.42 crore in 2022-23 to ₹28.23 crore in 2023-24, despite a dip in 2021-22. Revenue grew at a CAGR of over 4%, reaching ₹555.79 crore, while for the period of April to December 2024, net profit stood at ₹21.68 crore with revenue of ₹466.31 crore.

Hindusthan Samachar / Jun Sarkar