Indogulf Cropsciences IPO Lists with 0% Premium; Despite Strong GMP and 27x Subscription

Indogulf Cropsciences IPO made a lacklustre debut on the stock exchanges on July 3, 2025, listing at its issue price of Rs 111 per share, offering no listing gains to investors. This came as a surprise since the IPO had a strong grey market premium (GMP) of Rs. 18, indicating a likely listing price of Rs. 129, a 16% premium over the issue price.

Share Price Movement on Listing Day

As of 10:45 AM, Indogulf Cropsciences shares were trading at Rs 111 on the BSE and Rs 111.99 on the NSE, up just 0.89% from the issue price. Despite opening flat, market experts suggest that positive momentum could build in the coming sessions, given the strong fundamentals and investor interest seen during the subscription phase.

IPO Details: Price Band, Lot Size, GMP & More

The Indogulf Cropsciences IPO was offered in a price band of Rs. 105 to Rs. 111. Retail investors could apply for a lot of 135 shares, requiring a minimum investment of Rs. 14,175. The IPO allotment was finalised on July 1, and the stock listed on both NSE and BSE today.

As of the last GMP update at 8:53 AM on listing day, the premium stood at Rs. 18, pegging the expected listing price at Rs. 129, offering an anticipated 16.22% gain. However, actual listing performance fell short of these expectations.

Ahead of its listing, the Indogulf Cropsciences IPO received largely positive recommendations from brokerages and analysts, with a majority advising investors to 'apply' based on the company's strong fundamentals and a good market presence in the agrochemical sector. 7 out of 13 firms who reviewed the IPO gave a clear "Apply" call, which included Adroit Financial, Anand Rathi, BP Equities, Marwadi Shares, SMIFS, Ventura Securities, and Master Capital for the IPO. The rest of them suggested a more cautious "may apply" stance or maintained a "neutral" view around the IPO.

Share Price Target and Outlook

"Despite a low PE as compared to its peers, IndoGulf Cropsciences stock price faces Daily resistance of Rs. 113. A daily close above this resistance could lead to a target of Rs. 125 in the near term." said A R Ramachandran, independent research analyst

"At present, the company has a market cap of Rs. 655 crore and is trading at a P/E ratio of 20.8, which is lower than the industry average P/E of 24.2, making it relatively undervalued. Indogulf Cropsciences, operating in the agrochemicals sector reported, reported a revenue of Rs 555.79 Cr and Profit After Tax (PARMT) of Rs 22.42 Cr in 2024 against revenue of Rs 552.19 Cr and PAT of Rs 22.42 Cr in 2023. The market cap of the company is at Rs 655 Cr. Stock is trading at a price earning (P/E) multiple of 20.8 slightly lower than industry P/E of 24.2. The return on equity stands at 14.4%. EBIDTA margin stands 10.09% while PAT margin is at 5.11%. Debt to Equity ratio is at a comfortable 0.67." said Gaurav Goel, Entrepreneur and SEBI-Registered Investment advisor.

Subscription Status: Oversubscribed in All Categories

Despite the flat listing, the IPO received strong investor demand, being subscribed 27.17 times overall. The retail portion was subscribed to 14.97 times, while the QIB and NII categories were subscribed to 31.73 times and 49.06 times, respectively. These figures reflect strong interest from both institutional and retail investors.

About Indogulf Cropsciences Ltd

Founded in 1993, Indogulf Cropsciences Ltd operates in the agrochemical sector, focusing on the production of crop protection products, plant nutrients, and biological formulations. The company manufactures key technical compounds such as spiromesifen and pyrazosulfuron ethyl in high purity.

Indogulf runs four manufacturing units located in Haryana and Jammu & Kashmir, spread across 20 acres. Its products are sold through a wide distribution network covering 22 states and 3 union territories in India, along with exports to 34 countries globally. The company's scale, international reach, and product mix make it a notable player in the agrochemical industry.