Indogulf Cropsciences' initial public offering was fully subscribed on its third and final day, led by demand from non-institutional and retail investors. The portion for institutional investors saw bids way below the offer.
The issue was subscribed 94% on its second day and 40% on its first day of bidding last week.
The exporter of crop protection, plant nutrients and biologicals is looking to raise Rs 200 crore from the primary market. The IPO includes an offer-for-sale component, through which, two existing shareholders of the company would offload equity shares to raise Rs 40 crore.
The selling shareholders are Om Prakash Aggarwal and Sanjay Aggarwal, who would be paring 15.4 lakh equity shares and 20.6 lakh equity shares, respectively.
The company has set a price band of Rs 105 to Rs 111 per share for the IPO.
Indogulf Cropsciences IPO Details
Issue opened: June 26.
Issue closed: June 30.
Issue price: Rs 105-Rs 111.
Fresh issue: Rs 160 crore.
OFS segment: Rs 40 crore.
Lot size: Minimum 135 shares, and then in multiples thereof.
Subscription Status: Day Three
The Indogulf Cropsciences IPO has been subscribed 6.32 times as of 12:50 p.m.
Qualified institutional buyers: 34%.
Non-institutional buyers: 14.38 times.
Retail investors: 6.79 times.
Portion reserved for employees: 65%.
Indogulf Cropsciences GMP
The grey market premium of the Indogulf Cropsciences IPO has risen sharply to Rs 14 as of noon, from Rs 9 on Friday, according to InvestorGain. This implies shares of the company will likely list at Rs 125 apiece, indicating a 12.6% premium to the upper end of the price band.
It should be noted that GMP, or grey market price, is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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