Indogulf Cropsciences share price: Stock makes flat listing on NSE and BSE at par with IPO price

Indogulf Cropsciences share price: Shares of Indogulf Cropsciences made a flat debut on the stock exchanges on Thursday, July 3.

The stock listed at ₹111 per unit on the National Stock Exchange (NSE) and the BSE at par with the issue price of ₹111.

At 10:45 am, the scrip was up 0.9% to ₹112 on the NSE.

Indogulf Cropsciences share price: Here's how much investors made per lot

The initial share sale had got 25.98 times subscription, with bids for 34,72,66,305 shares compared to 1,33,65,710 shares on offer.

The portion for non-institutional investors attracted 48.39 times subscription, while the part for Qualified Institutional Buyers (QIBs) was subscribed 33.26 times. The retail investors category received 14.78 times the subscription.

The initial public offer, with a price range of ₹105 to ₹111 per share, was a fresh issuance of shares valued at ₹160 crore and an offer-for-sale (OFS) of 36.03 lakh shares worth ₹40 crore.

The money raised will be used to the tune of ₹65 crore for funding working capital needs, ₹34.12 crore for clearing debt, and ₹14 crore for capital expenditure requirements and general corporate purposes.

Indogulf Cropsciences Ltd is into the manufacturing of crop protection products and plant nutrients as well as biologicals.

The sole book-running lead manager of the issue is Systematix Corporate Services, while Bigshare Services is the registrar.

Indogulf Cropsciences IPO GMP

The listing price was in contrast to Indogulf Cropsciences IPO GMP, which had suggested a premium of 16.22% or ₹18 on debut.