Indogulf Cropsciences IPO: GMP, Allotment, And Price

Indogulf Cropsciences IPO - Complete Overview 

Indogulf Cropsciences IPO a Mainboard IPO is a book-built issue of Rs. 200 Cr (1,80,18,017 Shares) by Indogulf Cropsciences Limited, incorporated in 1993, and is involved in the manufacturing of crop protection chemicals, plant nutrients, and biologics since.

It manufactured Spiromesifen with a purity of 96.5% during 2019. Also, the Pyrazosulfuron Ethyl technical was produced with a purity level of 97%, making it one of the first indigenous manufacturers.

The company has 4 manufacturing sites located in Samba (Jammu & Kashmir) and Nathupur (Haryana). These cover an area of approximately twenty acres, which includes two sites in Nathupur and one in Barwasni, Haryana.

With a network covering 22 states and 3 Union territories of India, the company has partnered with other businesses, making a total of 169 business partners, 5,772 distributors across 129 partners in 34 different nations.

Due to lessened regulatory competition for agrochemicals, customs, and approvals, among others, this adds to strengthening this flexible advantage, helping multi-purpose facilities meet customers' diverse needs.

Product Portfolio:

Crop Protection Products: Insecticides, fungicides, and herbicides to protect crops from diseases, ensuring good growth with productivity. 

Plant Nutrients: Specialised fertilisers, bio-stimulants, and ‘enhancers’ to assist in mineral supplementation of soil through direct fertilisers. 

Biologicals: Bio-stimulants and bio-fertilizers, to enhance crop growth, nutrition uptake, stress tolerance, and overall sustainability. These include Biogold, Indo Breeza, and Indo Mychoriza. 

 

This new IPO is to be launched on 26 June 2025, and the initial public offering of this upcoming IPO will end on 30 June 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

Indogulf Cropsciences IPO Details

The Rs. 200 crore Indogulf Cropsciences IPO comprises a combination of a fresh issue of 1.44 crore shares (Rs. 160 Cr) and an offer for sale (OFS) of 0.36 crore shares (Rs. 40 Cr).

The IPO date is from 26 June to 30 June 2025. The IPO listing date is on Thursday, 03 July 2025, and it will be listed at BSE and NSE. Indogulf Cropsciences IPO price band is Rs. 105 to Rs. 111 for each Share.

 

 

Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	597.81	542.25	517.51
Total Revenue	466.31	555.79	552.19
PAT	21.68	28.23	22.42
Net Worth	265.43	231.65	203.25
Reserves & Surplus	216.64	208.01	179.60
Borrowings	206.30	154.56	189.22

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Dec 2024	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(187.98)	533.40	(570.10)
Net Cash Flow Investing Activities	(295.84)	(52.25)	(192.94)
Net Cash Flow Financing Activities	526.21	(488.85)	751.98

 

Revenue From Operations Breakdown

 

Verticals-wise Breakdown

 

Geography-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing the company's working cash needs.

• Full or partial repayment or prepayment of some outstanding loans that the company has taken out.

• The company's capital investment to establish an internal dry flowable (DF) factory at Barwasni, District Sonipat, Haryana.

• General corporate purposes.
  
  

Click to check the IPO application status.

 

Peers of Indogulf Cropsciences Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Aries Agro Ltd.	10	14.94	17.47
Basant Agro Tech (India) Ltd.	1	0.43	44.58
Best Agrolife Limited	10	44.94	12.23
Bhagiradha Chemicals & Industries Ltd.	1	17.50	101.81
Heranba Industries Limited	10	8.72	35.34
India Pesticides Limited	1	5.24	41.62
Dharmaj Crop Guard Limited	10	13.13	18.02

 

 

Evaluation

Indogulf IPO price is between Rs. 105 to Rs. 111 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2024, with an EPS of Rs. 12 from the last year, the resulting P/E ratio is 9.25x.

Considering the weighted EPS of Rs. 11.05 for the last three years, the P/E ratio is 10.04x.

Explore the Kalpataru Limited IPO.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 38.73x.

Particulars	P/E Ratio (x)
Highest	101.81
Lowest	12.23
Average	38.73

In simple words, the P/E ratio of this IPO is 9.25x, compared with the industry’s average P/E of 38.73x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• Specialised goods across all three verticals and a diversified product portfolio.

• Established distribution networks both domestically and internationally.

• Backward integrated manufacturing facilities.

• Substantial research and development as well as product innovation capacity.

• A capable management team with experienced promoters.
  
  

IPO’s Weaknesses 

• Achieving business excellence can be maintained through adherence to quality controls and standards. In particular, noncompliance may hinder businesses from maintaining current and future contracts, incurring warranty costs, facing monetary obligations, or inviting legal actions which pose a threat to the business’s image and finances.

• The company has lodged 82 criminal cases under The Negotiable Instruments Act for cheque defaults aggregating Rs. 53.81 million. The negative impact of such litigations will most likely decline in the firm's financial metrics.

• For several years, these company subsidiaries have reported increasing losses. 

 

Indogulf Cropsciences IPO GMP 

Indogulf Cropsciences IPO GMP today is Rs. 11 as of 24 June 2025, while writing this information. With the price of Rs. 111, the Indogulf Cropsciences IPO listing price (estimated) might be Rs. 122.

Indogulf Cropsciences IPO Timetable (Tentative)

The IPO open date is from Jun 26 to Jun 30, with IPO allotment on Jul 01, refund initiation on Jul 02, and listing on Thursday, Jul 03, 2025.

Events	Date
IPO Opening Date	Jun 26, 2025
IPO Closing Date	Jun 30, 2025
IPO Allotment Date	Jul 01, 2025
Refund Initiation	Jul 02, 2025
IPO Listing Date	Jul 03, 2025

 

Indogulf Cropsciences IPO Details 

The IPO with a face value of Rs. 10 per Share offers a total issue size of 1,80,18,017 Shares (Rs. 200 Cr) and will be listed at BSE and NSE.

IPO Opening & Closing Date	Jun 26, 2025 to Jun 30, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 105 to Rs. 111
Lot Size	135 Shares
Issue Size	1,80,18,017 Shares (Rs. 200 Cr)
Offer for Sale	36,03,603 Shares (Rs. 40 Cr)
Fresh Issue	1,44,14,414 Shares (Rs. 160 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd.

 

 

Indogulf Cropsciences IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (135 Shares) amounting to Rs. 14985 and 13 Lots (1755 Shares) amounting to Rs. 1,94,805 respectively, while for HNI investors, the minimum Lot is 14 (1890 Shares) amounting to Rs. 2,09,790.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	66 Lots
B-HNI (Minimum)	67 Lots

Indogulf Cropsciences IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Indogulf Cropsciences IPO Lead Managers

• Systematix Corporate Services Limited.

 

 

Dividend Policy

The company has paid no dividends in the last three fiscal years.

 

Conclusion

The Indogulf Cropsciences IPO presents a promising opportunity for investment as it is supported by diversified products and is one of the leading companies in its sector, having a market presence across India and 34 other countries. Its P/E ratio valuation alongside its diverse revenue streams gives it advantages. However, insufficient legal and financial frameworks poses certain risks that must be noted prior to investment.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.