Indogulf Cropsciences IPO Subscribed 83% on Day 2; GMP at Rs.9; Should You Apply Before June 30?

Indogulf Cropsciences IPO opened for subscription yesterday, June 26, and will remain open until June 30, 2025. This Rs. 200 crore public issue is a book-built IPO, consisting of a fresh issue of Rs. 160 crore and an offer for sale of Rs. 40 crore. On the first day, the IPO got 42% subscribed, with the retail category receiving maximum subscription.

Indogulf Cropsciences IPO Details

The price band for the Indogulf Cropsciences IPO is set at Rs. 105 to Rs. 111 per share. Retail investors can apply for a minimum of one lot, which is 135 shares that require an investment of Rs. 14,175. The allotments of the IPO will be done next week on 1st July, while the IPO is set to list on both the NSE and BSE, tentatively on July 3rd.

Indogulf Cropsciences IPO GMP Today

According to the latest grey market update on June 27, 2025, the Indogulf Cropsciences IPO GMP is Rs. 9 per share. With the upper price band set at Rs 111, the estimated listing price is around Rs 120, indicating a possible listing gain of 8.11%.
Even though GMP can be a useful signal of demand, it is unofficial and speculative, so investors should take informed decisions before applying.

Indogulf Cropsciences IPO Subscription Status on Day 2

As of 2:19 PM on June 27, the Indogulf Cropsciences IPO was subscribed 0.82 times overall. The retail category saw a solid response, subscribed to 1.35 times, while the Qualified Institutional Buyers segment was subscribed to only 0.05 times and NII at 0.63 times. With one day remaining, subscription numbers are expected to pick up.

Should You Invest?

Canara Bank Securities has recommended a "Subscribe for long term" rating, citing the company's future growth potential. According to a Canara Bank Securities note, the company has shown a flat revenue CAGR of 6% between FY22 and FY24. The EBITDA margin has improved slightly from 9.64% to 10.03%, but the PAT margin fell from 5.41% to 5.11%. The company's working capital is under pressure as trade receivable days increased from 117 to 146, largely due to payment delays from dealers and farmers.

Arihant Capital, on the other hand, has issued a "Neutral" rating. The broking note said, "Indogulf Cropsciences has established a presence across crop protection, plant nutrition and biological segments, with a growing product portfolio and backward-integrated operations. Its focus on R&D, supported by an NABL-accredited lab and patent filings, may aid future product development. While the company stands to benefit from long-term growth in the agrochemical sector, near-term performance will depend on the execution of expansion plans and efficient utilisation of IPO proceeds. At the upper band of INR 111, the issue is valued at a P/E ratio of 24.27x, based on a PAT of an annualised 9MFY25 EPS of INR 4.6."

About Indogulf Cropsciences

Indogulf Cropsciences Limited, incorporated in 1993, operates in the agrochemical sector with a focus on manufacturing crop protection products, plant nutrients, and biological formulations. The company is involved in technical manufacturing and has produced compounds such as spiromesifen and pyrazosulfuron ethyl in specified purities. It runs four manufacturing units located across Haryana and Jammu & Kashmir, covering approximately 20 acres. Indogulf has a distribution network that spans 22 states and 3 union territories in India, along with international operations across 34 countries.