Indogulf Cropsciences mobilises Rs 58.2 crore via anchor book ahead of IPO, Sunil Singhania's Abakkus picks Rs 28.2 crore shares

Indogulf Cropsciences IPO

Crop protection products maker Indogulf Cropsciences has raised Rs 58.2 crore via anchor book on June 25, a day before the IPO opening. Nearly half of the funds contributed by Sunil Singhania's Abakkus.

The Rs 200-crore initial public offering (IPO) will open for subscription on June 26 and close on June 30, with price band of Rs 105-111 per share. The IPO comprises of fresh issuance of shares worth Rs 160 crore, and an offer-for-sale of 36.03 lakh shares worth Rs 40 crore by couple of promoters.

Indogulf Cropsciences in its filing to exchanges said it has finalised allocation of 52.43 lakh shares to 5 anchor investors at a price of Rs 111 per share.

Abakkus Diversified Alpha Fund acquired 25.4 lakh shares worth Rs 28.2 crore, which is 48.5 percent of the total anchor book.

Other investors include Viney Growth Fund, Swyom India Alpha Fund, Sunrise Investment Trust Sunrise Investment Opportunities Fund, and Rajasthan Global Securities.

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The New Delhi-based company will spend Rs 65 crore out of fresh issue proceeds for its working capital requirements, and Rs 14 crore for setting up an in-house dry flowable (DF) plant at Barwasni, Haryana. Further, Rs 34.1 crore will be utilised for repaying debt which as of April 2025 was Rs 256.8 crore, and the remainder funds for general corporate purposes.

Established in 1993, Indogulf Cropsciences manufactures crop protection products, plant nutrients and biologicals in India, catering to a broad spectrum of crops, including cereals, pulses and oilseeds, fibre crops, plantations, and fruits and vegetables.

Systematix Corporate Services is acting as the sole book running lead manager to the Indogulf Cropsciences IPO.