Home / Companies / News / Indogulf files IPO with Sebi, aims to raise Rs 200 cr via fresh issue

Indogulf files IPO with Sebi, aims to raise Rs 200 cr via fresh issue

Proceeds from the fresh issue to the extent of Rs 100 crore will be used for funding working capital requirements of the company

Systematix Corporate Services Ltd is the sole book-running lead manager to the issue.

3 min read Last Updated : Sep 26 2024 | 11:54 PM IST

Listen to This Article

Indogulf Cropsciences Ltd, a manufacturer of crop protection products, plant nutrients, and biologicals, has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The Delhi-based company's IPO is a mix of fresh issues of up to Rs 200 crore and an Offer For Sale (OFS) of up to 38.55 lakh equity shares by selling shareholders. The offer also includes reservations for eligible employees, according to the Draft Red Herring Prospectus (DRHP).

Click here to connect with us on WhatsApp

The OFS comprises the sale of 15.41 lakh equity shares by Om Prakash Aggarwal (HUF) and 23.14 lakh equity shares by Sanjay Aggarwal (HUF).

Proceeds from the fresh issue to the extent of Rs 100 crore will be used for funding working capital requirements of the company; Rs 40 crore for payment of debt, Rs 14 crore for setting up an in-house dry flowable plant at Barwasni Sonipat, Haryana; and a portion will be used for general corporate purposes, as per the draft papers filed on Wednesday.

Founded in 1993, Indogulf Cropsciences operates in three business segments -- crop protection, plant nutrients, and biological products offering solutions to the retail and institutional customers to enhance crop productivity.

Currently, the company has four manufacturing units --one in Jammu and Kashmir and three in Haryana. Also, it has two wholly-owned subsidiaries -- Indogulf Cropsciences Australia Pty Ltd at Sydney, Australia and the other, Abhiprakash Globus Private Ltd in Delhi.

The company has a sales and distribution network in 22 states and 3 Union Territories in India and more than 34 countries across the world.

More From This Section

Amazon great Indian festival sale starts for prime members; details here

Byju's insolvency case: SC reserves verdict on plea challenging NCLAT order

Anant Mukesh Ambani, BP CEO open Jio-bp's 500th EV-charging station

Hyundai India deserves valuation premium to Maruti, says Nomura note

Godrej, company split, stake, sale, partnership

Godrej Properties to consider raising funds via securities in Oct 1 meet

On the financial front, Indogulf Cropsciences' revenue from operations increased to Rs 552.23 crore in fiscal 2024 from Rs 549.66 crore in fiscal 2023 and profit after tax rose to Rs 28.23 crore for fiscal 2024 from Rs 22.42 crore in the preceding fiscal.

Systematix Corporate Services Ltd is the sole book-running lead manager to the issue.

Day 1: Diffusion Engineers subscribed 7.15 times

The initial share sale of Diffusion Engineers Ltd received 7.15 times subscription on the first day of bidding on Thursday. The initial public offering received bids for 4,71,77,240 shares against 65,98,500 shares on offer, according to data available with the NSE.

The portion for retail individual investors got subscribed

11.23 times while non-institutional investors quota received 6.79 times subscription. Qualified institutional buyers subscribed 3 per cent of the offer.

PE firms sell 19.22% stake in Five Star biz

TPG Asia, Peak XV (Sequoia Capital) and Norwest Ventures on Thursday divested 19.22 per cent stake in Five-Star Business Finance, a provider of micro loans. The private equity trio sold around 56 million shares at Rs 800.5 apiece to mop up Rs 4,500 crore.

Silver hits highest level since 2012

Silver hit the highest level since 2012, while gold reached a new record high. The white metal climbed as much as 2.8 per cent to $32.71 an ounce on Thursday, raising this year’s gain to 37 per cent. (Bloomberg)

CDSL launches new pricing structure

Central Depository Services (CDSL) has announced a shift to a uniform tariff structure, as mandated by Sebi, to ensure charges are true to label. Starting October 1, CDSL will charge Rs 3.5 per debit transaction. Existing discounts on certain types of transactions will continue.