Indogulf Cropsciences shares make flat debut, list at ₹111 on the bourses

Shares of crop protection products maker Indogulf Cropsciences made a muted debut on the stock exchanges today, listing flat at ₹111 apiece on both the BSE and the NSE—at par with its issue price. The performance was below Street expectations as the stock was commanding a grey market premium (GMP) of ₹18 prior to listing. Based on the GMP, the stock was expected to debut at around ₹129, up 16.22% over the initial public offering (IPO) price.

After listing, Indogulf Cropsciences shares touched a low of ₹106 on the NSE, while it hit a high of ₹112.60 and a low of ₹105.45, respectively, on the BSE.

At the time of reporting, the stock was trading flat at ₹111, with a market capitalisation of ₹701.79 crore.

Meanwhile, the benchmark BSE Sensex was trading 303 points higher at 83,712, and NSE Nifty50 was at 25,550, up 0.38%.

The ₹200-crore IPO of Indogulf Cropsciences, which opened for bidding between June 26 and June 30, was subscribed 25.98 times. The issue received bids of 34,72,66,170 shares against the offered 1,33,65,710 equity shares, at a price band of ₹105-111, according to data from the stock exchanges.

The portions reserved for non-institutional investors (NIIs) and qualified institutional buyers (QIBs) were subscribed 48.39 times and 33.26 times, respectively. The retail portion and employees quota were booked 14.78 times and 1.09 times, respectively.

Ahead of the IPO, Indogulf Cropsciences raised ₹58.2 crore via the anchor book on June 25, with nearly half of the funds contributed by Sunil Singhania's Abakkus, an alpha-focussed asset management firm.

Established in 1993, Indogulf Cropsciences is engaged in the business of manufacturing crop protection products, plant nutrients, and biologicals in India. It operates four manufacturing facilities located in Samba in Jammu and Kashmir; and Nathupur and Barwasni in Haryana. It also has two subsidiaries, Indogulf Cropsciences Australia Pty Ltd located in Sydney (Australia), and Abhiprakash Globus Private Limited, located in Delhi. 

As of April 30, 2025, it had a network of 192 institutional business partners, 6,916 working domestic distributors, supported by 17 stock depots and six sales/branch offices, and 143 overseas business partners in over 34 countries.

Systematix Corporate Services Limited was the sole book-running lead manager, and Bigshare Services Private Limited was the registrar of the issue.

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