Indogulf Cropsciences IPO: 93% Subscribed

New Delhi, Jun 27 (PTI) The initial public offer of Indogulf Cropsciences received 93 per cent subscription on the second day of share sale on Friday.

The company's initial share sale got bids for 1,24,79,940 shares against 1,33,65,710 shares on offer, according to NSE data.

The portion for Retail Individual Investors (RIIs) got subscribed 1.54 times while the quota for non-institutional investors received 85 per cent subscription. Qualified Institutional Buyers (QIBs) part got subscribed 5 per cent.

Indogulf Cropsciences garnered over Rs 58 crore from anchor investors.

The Rs 200-crore initial public offering (IPO) will conclude on June 30. The price band has been fixed 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).

The proceeds from the fresh issue to the tune of Rs 65 crore will be used for funding working capital requirements, Rs 34.12 crore for repayment of debt, Rs 14 crore for its capital expenditure and general corporate purposes.

Indogulf Cropsciences, which began its operations in 1993, is engaged in the business of manufacturing crop protection products, plant nutrients and biologicals in India.

The shares of the company will be listed on the BSE and NSE.

Systematix Corporate Services is the sole book running lead manager, and Bigshare Services is the registrar of the issue.