
Shares Indogulf Cropsciences of are set to make its Dalal Street debut on Thursday, July 03. The company is likely to deliver a mild listing pop, if one goes by its latest grey market premium (GMP), which has been rising since the closure of the issue after a series of strong listings lately.
Shares of Indogulf Cropsciences were commanding a grey market premium (GMP) of Rs 18 per share before listing, indicating a potential listing gain of approximately 16-17% for investors. The GMP had stood at Rs 12 when the bidding closed. Such a premium reflects market optimism and anticipation of a strong debut on the stock exchange.
Indogulf Cropsciences, a New Delhi-based company, recently concluded its Initial Public Offering (IPO), which was open for bidding from June 26 to June 30, 2025. The company offered shares within a price band of Rs 105-111 per share, with a lot size of 135 shares. The IPO successfully raised a total of Rs 200 crore, including a fresh share sale valued at Rs 160 crore and an offer-for-sale (OFS) of 36.03 lakh shares.
The IPO witnessed substantial interest, being oversubscribed 25.98 times. Qualified institutional bidders (QIBs) booked their portion 33.26 times, while non-institutional investors (NIIs) saw a subscription rate of 48.39 times. Retail investors and employees also showed significant interest, with oversubscriptions of 14.78 times and 1.09 times, respectively.
Indogulf Cropsciences, incorporated in 1993, is known for its crop protection products, plant nutrients, and biological products. It holds the distinction of being one of the first indigenous manufacturers of Pyrazosulfuron Ethyl technical in India, achieving 97% purity. This strong market position likely contributed to the positive reception of its IPO.
Analysts have expressed a positive outlook on Indogulf Cropsciences, recommending subscriptions for long-term gains. Systematix Corporate Services acted as the book-running lead manager, while Bigshare Services served as the registrar for the IPO. The allotment was finalised by July 1, 2025, setting the stage for its market entry.