Indogulf Cropsciences IPO: Filed DRHP to SEBI

Indogulf Cropsciences Private Limited submits Draft Red Herring Prospectus (DRHP) with SEBI to prepare for its upcoming public issue. This upcoming IPO is offering a fresh issue worth up to Rs 200 crore of equity shares and an offer for sale of up to 38.54 lakh equity shares.

The total aggregate size of a public issue in rupees and the total no. of equity shares that will be issued by the company has not yet been disclosed.

This IPO will follow the book-building process, with not more than 50% of the offer reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for retail investors.

Indogulf Cropsciences IPO's open date and close date have not been declared. The price band & lot size will be revealed soon by the company. The Shares to be offered through the Red Herring Prospectus are proposed by the company to be listed on the BSE and NSE.

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About Indogulf Cropsciences Limited

Indogulf Cropsciences Limited, established in 1993, is a prominent Indian manufacturer and exporter of agrochemicals and fertilizers. Originally founded as Jai Shree Rasayan Udyog Limited, the company rebranded in 2015 to better reflect its operations. It specializes in three main business verticals: crop protection, plant nutrients, and biologicals, offering a diverse range of products including herbicides, insecticides, and bio-pesticides. Indogulf is ISO 9001:2008 certified and emphasizes sustainable agriculture practices. The company has expanded its reach to over 34 countries, earning recognition as a "Two Star Export House" by the Government of India. With a commitment to quality and innovation, Indogulf aims to enhance agricultural productivity while ensuring environmental safety.

Indogulf Cropsciences IPO Objectives

The company plans to utilize the net proceeds by allocating Rs 100 crores for funding its working capital requirements. Rs 40 crores will be used for the repayment or prepayment of outstanding borrowings, and Rs 14 crores will be invested in capital expenditure for setting up an in-house dry flowable (DF) plant at Barwasni, District Sonipat, Haryana. Rest of the funds will be used for general corporate purposes.

Financials of Indogulf Cropsciences Limited

The financials for the company during the period ended 31 March 2024, compared to 31 March 2023:

1. Assets increased from Rs 420.57 crores in March 2023 to Rs 452.20 crores in March 2024, a 7.52% increase.
2. Revenue increased from Rs 549.66 crores to Rs 552.23 crores, a 0.47% increase.
3. Profit After Tax (PAT) increased from Rs 22.47 crores in March 2023 to Rs 28.23 crores in March 2024, a 25.91% increase.
4. Total Borrowing decreased from Rs 189.22 crores to Rs 154.56 crores, a -18.22% decrease.

Lead managers and Registrar of Indogulf Cropsciences IPO

The IPO is managed by Systematix Corporate Services Limited, which is the book-running lead manager of this public issue. The company has appointed Bigshare Services Private Limited as the registrar for this public issue.

Promoters of Indogulf Cropsciences

HOm Prakash Aggarwal, Sanjay Aggarwal, Anshu Aggarwal and Arnav Aggarwal are the identifiable promoters (s) of the company. They collectively held 99.43% of the company's shares. However, post-IPO changes in their shareholding have not yet been disclosed in the Prospectus filed by the company with SEBI. To read full DRHP click here.

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