New Delhi, July 03 (H.S.): Indogulf Cropsciences made a flat debut on the stock market today, disappointing IPO investors. The shares were issued at ₹111 but debuted at the same price on BSE and NSE, showing no fluctuations. Following this flat listing, selling pressure caused
shares to drop to ₹105.45, before closing at ₹110.80, resulting in a loss of 0.18% for IPO investors.
The company's ₹200 crore IPO opened for subscription from June 26 to 30 and received an overall subscription of 27.17 times, with QIBs subscribing 31.73 times, NIIs 49.06 times, and retail investors 14.97 times. In total, 16 crore new shares were issued, along with 3,603,603 shares sold through an offer-for-sale. Funds from the IPO will be utilized for setting up a new dry flowable plant, debt repayment, working capital, and general corporate needs.
Financially, the company reported a net profit of ₹26.36 crore for FY 2021-22, dropping to ₹22.42 crore in FY 2022-23 but rebounding to ₹28.23 crore in FY 2023-24. Revenue increased to ₹555.79 crore, with over 4% annual compound growth. For FY 2024-25 (April to December), net profit was ₹21.68 crore with revenue at ₹466.31 crore.
Hindusthan Samachar / Jun Sarkar
