Indogulf Cropsciences IPO: Check IPO Date, Live Subscription and Key Details
Indogulf Cropsciences Ltd is a prominent manufacturer of crop protection products, plant nutrients, and biologicals in India. The company manufactures and markets an extensive range of products, including various formulations like water dispersible granules (WDG), suspension concentrate (SC), capsule suspension (CS), ultra-low volume (ULV), emulsion in water (EW), soluble granule (SG), and flowable suspension (FS). These products are used for diverse crops such as cereals, pulses, oilseeds, fiber crops, plantations, fruits, and vegetables. Indogulf Cropsciences also provides contract manufacturing services and exports to over 34 countries.
Min Investment
₹14985
Price Range
₹105.00-111.00
Issue Size
₹200.00 Cr
IPO Type
Mainboard
Key Metrics
Check Live GMP
Face Value
₹10
EPS
4.57
P/E Ratio
24.27
RoNW
12.19%
ROE
12.2%
Debt to Equity
0.67
Timeline
IPO Opens
26 Jun
IPO Closes
30 Jun
Allotment
1 Jul
Listing
3 Jul
IPO Objectives
- Funding working capital requirements of our Company.
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company.
- Capital expenditure of our Company for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat, Haryana.
- General corporate purposes.
Strengths
- Diversified product portfolio with over 260 products across crop protection, plant nutrients, and biologicals, including specialized formulations like WDG, SC, and CS. This allows for catering to a wide range of crops and reduces dependence on individual products.
- Established and extensive distribution network in India (across 22 states and 3 Union Territories with 6,916 domestic distributors and 192 institutional partners) and a strong international presence, exporting to over 34 countries with 143 overseas business partners.
- Backward integrated manufacturing infrastructure with four ISO-certified facilities and in-house production of key active ingredients like Spiromesifen and Pyrazosulfuron Ethyl, enhancing cost efficiency, quality control, and reducing supplier dependence.
- Strong R&D and product development capabilities, supported by a NABL-accredited laboratory and a skilled team, driving innovation, new product launches (138 products in pipeline), and process improvements.
- Experienced promoters and management team with deep industry knowledge and a long legacy (established 1993), providing strong leadership and strategic direction.
Weaknesses
- Static top-line growth in FY23 and FY24, attributed to volatile prices of raw materials, indicating sensitivity to external market conditions despite backward integration.
- Working capital-intensive business with a long cash conversion cycle (around 200 days in FY24) and reliance on short-term debt, which can strain liquidity and cash flow.
- High reliance on a limited number of suppliers for raw materials, with the top 10 suppliers accounting for a significant portion of purchases, exposing the company to supply disruptions and cost volatility.
- Customer concentration risk, as a few key domestic and international customers contribute substantially to revenue, making the business vulnerable to changes in their purchasing patterns or loss of major clients.
- Agrochemical business is highly seasonal and susceptible to erratic climatic conditions (monsoon dependence) and changes in government agricultural policies and subsidies, which can impact demand and profitability.
Financial Performance
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 597.81 | 542.25 | 517.51 | 413.59 |
| Revenue (₹ Cr.) | 466.31 | 555.79 | 552.19 | 490.23 |
| PAT (₹ Cr.) | 21.68 | 28.23 | 22.42 | 26.36 |
| Net Worth (₹ Cr.) | 265.43 | 231.65 | 203.25 | 180.51 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Indogulf Cropsciences | 1.13 | 24.27 | 12.2 | 265.43 |
| Aries Agro Ltd. | 1.46 | 12.41 | 11.75 | 265 |
| Basant Agro Tech | 0.79 | 33.57 | 2.34 | 174 |
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 |
|---|---|---|
| QIB | 0.05x | 0.05x |
| NII | 0.27x | 0.86x |
| S-HNI | 0.54x | 1.48x |
| B-HNI | 0.13x | 0.55x |
| RII | 0.71x | 1.58x |
| Total | 0.42x | 0.98x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 37,65,767 | 1,87,785 | 2.08 |
| NII | 27,02,703 | 23,19,705 | 25.75 |
| Small NII | 9,00,901 | 13,29,885 | 14.76 |
| Big NII | 18,01,802 | 9,89,820 | 10.99 |
| RII | 63,06,306 | 99,56,250 | 110.51 |
| Total | 1,27,74,776 | 1,25,62,020 | 139.44 |
Company Details
- 501, Gopal Heights, Plot No - D-9, Netaji Subhash Place, Delhi, New Delhi-110034, India
- +91 11 4004 0417
- cs@groupindogulf.com
- http://www.groupindogulf.com/
Registrar Details
- Bigshare Services Pvt Ltd
- +91-22-6263 8200
- ipo@bigshareonline.com
- https://ipo.bigshareonline.com/IPO_Status.html