New Delhi: Indogulf Cropsciences, a manufacturer of crop protection products, on Monday said it has fixed a price band at Rs 105-111 per equity share for its Rs 200 crore initial public offering (IPO).
The IPO will open for subscription from June 26-30, and bidding for anchor investors will open for a day on June 25, the company said in a statement.
Investors can bid for a minimum of 135 equity shares and in multiples thereof.
At the upper end of the price band, the company is going to fetch Rs 200 crore from the initial share sale.
The maiden public issue is a combination 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), as per the red herring prospectus.
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.
For the nine months ended December 31, 2024, the company's revenue from operations stood at Rs 464.19 crore, and its profit after tax was Rs 21.68 crore.
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.
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