Indogulf Cropsciences Files for Rs 200 Crore IPO

Indogulf Cropsciences Ltd, a manufacturer of agricultural products, has filed for an IPO with Sebi. The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer for sale of 38,54,840 equity shares. Proceeds will fund various corporate needs, including working capital and debt repayment.

Indogulf Cropsciences Ltd, a well-known manufacturer of crop protection products, plant nutrients, and biologicals, has officially filed draft papers with market regulator Sebi to initiate an initial public offering (IPO) to raise necessary funds.

The proposed IPO includes a fresh issuance of equity shares valued at up to Rs 200 crore, and an offer for sale involving up to 38,54,840 equity shares from current shareholders, as detailed in the draft red herring prospectus (DRHP).

Funds raised will primarily address multiple corporate purposes such as fulfilling working capital needs with Rs 100 crore, repaying existing debts amounting to Rs 40 crore, establishing an in-house dry flowable plant in Haryana requiring Rs 14 crore, and general corporate expenditures.

This IPO will utilize a book-building process, with allocation plans stipulating 50 percent of the net offer to qualified institutional buyers, 15 percent to non-institutional investors, and at least 35 percent to retail individual investors.

Each equity share is assigned a face value of Rs 10.

Indogulf Cropsciences, operational since 1993, provides complete agricultural solutions aimed at boosting crop productivity. With four manufacturing units across regions including Samba, Jammu and Kashmir, Nathupur-I and II, Haryana, and Barwasni, Haryana, it has an extensive sales and distribution network spanning 22 states, three Union Territories in India, and more than 34 countries globally.

(With inputs from agencies.)