Indogulf Cropsciences IPO subscribed 40% on Day 1, led by retail, NII investors - check GMP

Indogulf Cropsciences initial public offer (IPO) got subscribed 40 percent on the first day of bidding on Thursday. The initial share sale by the manufacturer of crop protection products received bids for 53.77 lakh shares against 1.33 crore shares on offer, according to NSE data.

Retail Individual Investors (RIIs) part got subscribed 69 percent, while the non-institutional investors category received 27 percent subscription. The quota for Qualified Institutional Buyers (QIBs) fetched 5 percent subscription. Earlier, the company garnered over Rs 58 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription.

The Rs 200-crore initial public offering (IPO) hit the capital markets on June 26 and will conclude on June 30. The price band has been set at Rs 105-111 per share.

The IPO is a mix of a fresh issue of equity shares worth Rs 160 crore and an offer for sale of up to 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF).

Indogulf Cropsciences IPO GMP

According to market observers tracking the grey market activities, the shares of the company are commanding a GMP of about 10 percent in the unregulated market. Investorgain quoted a GMP of Rs 11 for the shares of the company, indicating a listing gain of 9.91 percent.

Shares of the company will be listed on the BSE and NSE on July 3, while the allotment is expected on July 1 on the official registrar of the issue - Bigshare Services.

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