Indogulf Cropsciences IPO Nears Full Subscription on Day Two

Indogulf Cropsciences' IPO received 93% subscription by the second day, gathering notable interest from retail and non-institutional investors. The Rs 200 crore offering, featuring a price band of Rs 105-111 per share, concludes on June 30. Proceeds target working capital, debt repayment, and capital expenditure.

Indogulf Cropsciences' initial public offering (IPO) has received a robust response, achieving 93% subscription by the close of the second day of its share sale, according to data from the National Stock Exchange.

The IPO saw bids for 1,24,79,940 shares compared to the 1,33,65,710 shares on offer. Retail Individual Investors (RIIs) subscribed 1.54 times their allocation, while non-institutional investors subscribed to 85% of their portion. However, Qualified Institutional Buyers (QIBs) have shown limited interest, subscribing to only 5% of their allocated shares.

Of the Rs 200-crore issue, Rs 160 crore will come from new equity shares, while the remaining shares will be offered by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF). Proceeds from the new issue aim to bolster working capital, repay Rs 34.12 crore in debt, and fund capital expenditure.

(With inputs from agencies.)