Indogulf Cropsciences shares listed flat on the stock exchanges on Thursday. The Rs 200-crore issue was subscribed 25.98 times in the primary market between June 26-30 at a price band of Rs 105-111 per share.
Shares of Indogulf Cropsciences were listed at Rs 111 per share on the National Stock Exchange (NSE), at par with its initial public offer (IPO) price. On the BSE too, the shares were listed flat at Rs 111 apiece, with a total market capitalization of Rs 701.79 crore.
The listing of the shares of Indogulf Cropsciences was below than the expectations in the grey market, which had priced in up to 15 percent listing gains.
Ahead of listing, the shares of the company were commanding a GMP of about 16 percent in the unregulated market. Investorgain quoted a GMP of Rs 18 for the shares of the company, indicating a listing gain of 16.22 percent.
Indogulf Cropsciences IPO got bids for 34.72 crore shares against 1.33 crore shares on offer. The quota for non-institutional investors fetched 48.39 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 33.26 times. Retail Individual Investors (RIIs) part received 14.78 times subscription. The company garnered over Rs 58 crore from anchor investors.
Indogulf Cropsciences: Should you buy, sell or hold?
Given the cyclical nature of the industry and dependence on government initiatives and organic farming trends, timely agri-boost measures are key. Therefore, we recommend investors who have being allotted the shares may hold for long term growth post listing," said Narendra Solanki, Head Fundamental Research- Investment Services, Anand Rathi Shares and Stock Brokers
Indogulf Cropsciences: Experts recommend 'hold for long-term'
Indogulf Cropsciences with a legacy of over 30 years of experience in agro-chemical industry is engaged in production and marketing of crop protection products, plant nutrients, and biologicals.
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