Indogulf Cropsciences Limited made a flat debut on the stock exchanges on Thursday, listing at Rs 111 per share on both the BSE and NSE — the upper end of its IPO price band. Although the listing saw no immediate gains, the IPO had garnered a robust response, being subscribed 25.98 times during the June 26–30 bidding window.

The price band for the issue was set between Rs 105 and Rs 111 per share.

The Rs 200 crore IPO comprised a fresh issue of up to 1.44 crore equity shares aggregating Rs 160 crore, and an offer for sale of 36.03 lakh shares worth Rs 40 crore at the upper end of the price band. The IPO attracted bids for 34.72 crore equity shares against 1.33 crore shares on offer.

The non-institutional investors' portion saw the highest interest with 48.39 times subscription, followed by Qualified Institutional Buyers (QIBs) at 33.26 times, and Retail Individual Investors (RIIs) at 14.78 times. The company also raised over Rs 58 crore from anchor investors ahead of the IPO opening. Investors could apply for a minimum of 135 equity shares and in multiples thereafter.

 HDB Financial enters top 10 NBFCs: 7 reasons why investors are betting big after listing 

Incorporated in 1993, Indogulf Cropsciences Limited is a homegrown agrochemical company engaged in manufacturing crop protection products, plant nutrients, and biologicals. It has been at the forefront of innovation in the agrochemical space, becoming one of the first Indian companies to produce Pyrazosulfuron Ethyl technical (97 per cent purity) and Spiromesifen technical (96.5 per cent purity) in 2019.

The company operates four manufacturing facilities across Samba (Jammu & Kashmir) and Nathupur and Barwasni (Haryana), covering approximately 20 acres. Its flexible, multi-purpose manufacturing infrastructure enables production tailored to diverse market demands—an advantage in an industry marked by high regulatory complexity.

Indogulf boasts a strong distribution network that spans 22 Indian states and 3 Union Territories through 169 business partners and 5,772 distributors. Globally, it has a presence in 34 countries via 129 international partners.

Raymond Realty listing: After demerger from Raymond, scrip debuts on Dalal Street at Rs 1,005/share

Plant Nutrients: Includes specialty fertilisers, bio-stimulants, and soil health products that improve fertility and crop productivity.
Crop Protection: Offers insecticides, fungicides, herbicides, and other products to shield crops from pests and diseases.
Biologicals: Provides sustainable solutions like Biogold, Indo Breeza, and Indo Mychoriza to boost nutrient uptake, stress resistance, and overall crop health.

As of August 31, 2024, the company employed 640 permanent staff and counted backward-integrated infrastructure, strong R\&D capabilities, and an experienced management team among its key strengths.

Indogulf has maintained a healthy financial track record. As of December 31, 2024, the company reported total assets of Rs 597.81 crore, up from Rs 542.25 crore in March 2024. Revenue for the nine-month period stood at Rs 466.31 crore, while full-year revenue for FY24 was Rs 555.79 crore. Profit after tax (PAT) for the nine months was Rs 21.68 crore, with FY24 PAT at Rs 28.23 crore. EBITDA for the same periods stood at Rs 44.78 crore and Rs 55.74 crore, respectively. The net worth was Rs 265.43 crore as of December 2024, with reserves and surplus of Rs 216.64 crore. Total borrowings stood at Rs 206.30 crore.

Despite a slight dip in profitability, Indogulf's solid fundamentals, extensive market presence, and sectoral growth drivers make it well-positioned for long-term performance in the agrochemical industry.