Everything you need to know about Indogulf Cropsciences IPO

About

Indogulf Cropsciences, established in 1993 and headquartered in New Delhi is a prominent agrochemical company specializing in the manufacturing and distribution of crop protection products, plant nutrients, and biologicals. The company offers a diverse portfolio of over 400 products, including insecticides, herbicides, fungicides, and plant growth regulators, catering to both domestic and international markets across more than 34 countries. With a strong emphasis on research and development, Indogulf has pioneered the indigenous production of technical-grade pesticides like Spiromesifen and Pyrazosulfuron Ethyl in India. Recognized as a “Two-Star Export House” by the Government of India, the company continues to expand its global footprint while promoting sustainable agricultural practices.

IPO schedule

Issue open date 2025-06-26
Issue close date 2025-06-30
UPI mandate deadline 2025-06-30 (5 PM)
Allotment finalization 2025-07-01
Refund initiation 2025-07-02
Share credit 2025-07-02
Listing date 2025-07-03
Mandate end date 2025-07-15
Lock-in end date for anchor investors (50%) 2025-07-31
Lock-in end date for anchor investors (remaining) 2025-09-29

Financials

Financial Year Ended March 2022 March 2023 March 2024 December 2024
Total Assets 597.81 542.25 517.51 413.59
Revenue 466.31 555.79 552.19 490.23
Profit After Tax 21.68 28.23 22.42 26.36
Net Worth 265.43 231.65 203.25 180.51

*All figures are in ₹ Crores.

Issue size

Funds Raised in the IPO Amount
Overall ₹200 crores
Fresh Issue ₹160 crores
Offer for sale ₹40 crores

Utilisation of proceeds

Purpose INR crores (%)
Funding working capital requirements of the Company 65 (40.63%)
Repayment/prepayment of certain borrowings 34.12 (21.33%)
Capital expenditure for setting up a dry flowable (DF) plant 14 (8.75%)
General corporate purposes 46.88 (29.29%)

Strengths

  • Among India’s few manufacturers of Pyrazosulfuron Ethyl with 97% purity.
  • Recognized as a Two Star Export House, exporting to 34+ countries.
  • Integrated operations with technical, formulation, and fertilizer plants across four locations.
  • Consistent financial performance with stable operating and net profit margins over FY22–FY24.
  • Strong R&D backed by NABL-certified lab and six granted patents since FY19.

Risks

  • Dependent on regulatory approvals for manufacturing and marketing agrochemicals.
  • Raw material cost volatility could impact profitability.
  • Working capital intensive operations with moderate debt levels.
  • Export risks including currency fluctuations and compliance with international norms.
  • Any lapses in quality control can lead to order cancellations and litigation.

Allotment Status for Indogulf Cropsciences

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