Indogulf Cropsciences IPO

IPO Details

Bidding Dates

26 Jun '25 - 30 Jun '25

Minimum Investment

₹14,985/ 1 Lot (135 Shares)

Price Range

₹105-₹111

Maximum Investment

₹1,94,805/ 1 Lot (1,755 Shares)

Retail Discount

To be announced

Issue Size

₹200.00 Cr

Investor category and sub category

Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |

Indogulf Cropsciences IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jun 26, 25

IPO Closing Date

Jun 30, 25

Basis of Allotment

Jul 01, 25

Initiation of Refunds

Jul 02, 25

IPO Listing Date

Jul 03, 25

About Indogulf Cropsciences IPO

Indogulf Cropsciences IPO is a book-built issue worth ₹200.00 crore. The IPO comprises a fresh issue of 1.44 crore shares aggregating to ₹160.00 crore and an offer for sale of 0.36 crore shares amounting to ₹40.00 crore.

The IPO opens for subscription on June 26, 2025, and will close on June 30, 2025. The allotment is expected to be finalised on July 1, 2025, with a tentative listing date on BSE and NSE set for July 3, 2025.

The price band for the IPO is fixed between ₹105 to ₹111 per share. Retail investors are required to apply for a minimum lot size of 135 shares, amounting to ₹14,175. To avoid missing out due to oversubscription, bidding at the cutoff price requires ₹14,985.

For sNII investors, the minimum investment is 14 lots (1,890 shares), totalling ₹2,09,790, and for bNII, it is 67 lots (9,045 shares), totalling ₹10,03,995. Systematix Corporate Services Limited is acting as the book-running lead manager, and Bigshare Services Private Limited has been appointed as the registrar for the issue.

Industry Outlook

The Indian crop protection and nutrition market has shown consistent growth, with total revenue reaching ₹1,87,530 million in 2024. This growth is driven by increasing demand for cereals and grains, which accounted for ₹1,17,219 million or 62% of the total share. The rising demand directly benefits companies like Indogulf Cropsciences Limited, which operates in the crop sciences segment.
The global market for crop protection and nutrition grew at a CAGR of 6.2% between 2019 and 2024. In 2024, India saw consumption volumes of 772 thousand tonnes and is expected to reach 1,874 thousand tonnes by 2029.
Government support through subsidies and schemes like PMFBY, e-NAM, and PLI, along with India's emergence as the second-largest exporter of agrochemicals, gives Indogulf Cropsciences Limited a favourable environment to expand operations, boost exports, and strengthen its position as a key player in the crop protection space.

Indogulf Cropsciences IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

Funds will be used to repay or prepay certain outstanding borrowings and reduce debt burden.
To invest in setting up an in-house dry flowable (DF) plant at Barwasni, Sonipat, Haryana, enhancing production capacity.
A portion of the proceeds will be utilised to support the company’s working capital needs, ensuring smooth day-to-day operations.
A portion of the funds will be used for general corporate purposes to support overall business needs.

About Indogulf Cropsciences Limited

Indogulf Cropsciences Limited is engaged in the manufacturing of crop protection products, plant nutrients, and biologicals. Established in 1993, the company operates under three key business verticals—crop protection, plant nutrients, and biologicals—serving both retail and institutional customers to help improve crop yields.

The company offers a wide product range in various formulations such as water dispersible granules, suspension concentrates, capsule suspensions, and ultra-low volume liquids. Its portfolio supports the cultivation of cereals, pulses, oilseeds, fibre crops, plantations, fruits, and vegetables.

Indogulf Cropsciences is among the early indigenous producers of Pyrazosulfuron Ethyl technical and manufactures Spiromesifen technical with over 96.5% purity. Recognised as a ‘Two Star Export House’, the company exports to over 34 countries and has built strong customer relationships globally.

The company operates four ISO-certified manufacturing units in Jammu & Kashmir and Haryana, with a network of over 6,900 domestic distributors and 143 overseas partners. It also has two subsidiaries—one in Australia and one in India—to support global expansion and product registrations.

Backed by NABL-accredited R&D facilities, the company focuses on innovation, having secured six patents since FY2019. Led by experienced promoters and senior management, Indogulf Cropsciences continues to advance sustainable agricultural solutions across global markets.

How To Check the Allotment Status of Indogulf Cropsciences IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Indogulf Cropsciences IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Indogulf Cropsciences IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Indogulf Cropsciences IPO

Registered office: 501, Gopal Heights Plot No – D-9, Netaji Subhash Place, New Delhi –110034, Delhi, India

Phone:+91 11 4004 0417

E-mail:cs@groupindogulf.com

Indogulf Cropsciences IPO Reservation

Investor Category	Shares Offered
QIB Shares	Not more than 50% of the Net Offer
Retail Shares	Not less than 35.00% of the Net Offer
NII Shares	Not more than 15% of the Net Offer

Indogulf Cropsciences IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	135	₹14,985
Retail (Max)	13	1755	₹1,94,805
S-HNI (Min)	14	1,890	₹2,09,790
S-HNI (Max)	66	8,910	₹9,89,010
B-HNI (Min)	67	9,045	₹10,03,995

Indogulf Cropsciences IPO Promoter Holding

The promoters of the company include Om Prakash Aggarwal, Sanjay Aggarwal, Anshu Aggarwal and Arnav Aggarwal.

Share Holding Pre-Issue	96.86%
Share Holding Post Issue	-

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Indogulf Cropsciences IPO

KPI	Value
ROE (%)	12.2
RoCE (%)	11.93
EBITDA Margin (%)	10.09
PAT Margin (%)	5.11
Debt/Equity	0.67

Indogulf Cropsciences IPO Prospectus

Indogulf Cropsciences IPO Registrar and Lead Managers

Indogulf Cropsciences IPO Lead Managers

Corporate Makers Capital Limited

Registrar for Indogulf Cropsciences IPO

Bigshare Services Private Limited

Contact Number: +91-22-6263 8200
Email Address: ipo@bigshareonline.com

Indogulf Cropsciences IPO Registrar

Financial Performance of Indogulf Cropsciences Limited

Particulars	Year ending on March 31, 2024	Year ending on March 31, 2023	Year ending on March 31, 2022
Revenue from Operation (in ₹ million)	5,522.34	5,496.56	4,872.10
Profit/ (loss) for the year (in ₹ million)	282.33	224.23	263.63
Earnings per Share (₹)	12.00	9.53	11.21
Net Worth (in ₹ million)	2,316.51	2,032.48	1,805.13
Return on Equity (RoE) (%)	12.19	11.03	14.60
Return on Capital Employed (RoCE)	18.82	17.77	20.26
EBITDA (in ₹ million)	557.44	490.40	472.43

Know before investing

Strengths

Product portfolio expanded from 198 in FY22 to 288 in FY25.
Sales and dealer presence across 22 states and 34+ countries.
The network includes 6,916 domestic distributors and 143 global partners.
Four ISO-certified manufacturing units spread over 20 acres in India.
R&D certified by NABL with 39 products in the development pipeline.

Risks

Quality lapses may lead to order cancellations and financial losses.
Brand dilution or negative publicity may affect customer trust.
Revenue CAGR of 6.46% may not reflect future performance.
Capacity utilisation remained low at 49.58% in Dec 2024 period.
Credit-based sales may impact profits due to delayed payments.

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Indogulf Cropsciences IPO Peer Comparison

Company Name	EPS (Basic)	NAV (per share) (₹)	RoNW (%)	P/BV Ratio
Indogulf Cropsciences Limited	12	97.98	12.19	-
Aries Agro Limited	14.94	200.2	7.07	1.21
Basant Agro Tech (India) Limited	0.43	19.22	2.27	0.95
Best Agrolife Limited	44.94	273.64	16.42	-
Bhagiradha Chemicals & Industries Limited	17.5	397.59	4.4	4.06
Heranba Industries Limited	8.72	213.19	4.04	1.33
India Pesticides Limited	5.24	7.17	72.9	213.43
Dharmaj Crop Guard Limited	13.13	106.33	12.35	2.1