Indogulf Cropsciences Secures Substantial Anchor Investment Ahead of IPO

Indogulf Cropsciences has secured over Rs 58 crore from anchor investors a day ahead of its IPO launch. Anchors include prominent funds such as Abakkus Asset Manager and Sunrise Investment Trust. The IPO is a mix of fresh equity and an offer for sale, aiming to raise Rs 200 crore.

Indogulf Cropsciences announced on Wednesday that it secured over Rs 58 crore from anchor investors just a day before launching its initial share offering for the public. Notable anchor investors include Sunil Singhania-led Abakkus Asset Manager, Viney Growth Fund, and Sunrise Investment Trust, among others.

The company alloted 52.43 lakh shares at Rs 111 per share to five entities, making the total deal value Rs 58.20 crore. The Rs 200-crore IPO is set to open on June 26 and close on June 30, with a price band fixed at Rs 105-111 per share.

In addition to a fresh issue of equity shares worth Rs 160 crore, the IPO entails an offer for sale by promoters. The funds will be used to meet working capital needs, repay debt, and fund capital expenditures. The company's shares will be listed on the BSE and NSE post-IPO, with Systematix Corporate Services as the sole book-running lead manager.

(With inputs from agencies.)