30 September 2024, New Delhi: Indogulf Cropsciences, a producer of crop protection products, plant nutrients, and biologicals, has filed for an Initial Public Offering (IPO) with SEBI on September 25, 2024.
The IPO includes a fresh issue of ₹200 Crore and an offer-for-sale (OFS) of 38.54 lakh equity shares from existing shareholders. Among the sellers, Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF) will offload 15.4 lakh and 23.13 lakh shares, respectively, through the OFS.
Indogulf runs four manufacturing facilities in Jammu & Kashmir and Haryana, producing a variety of formulations such as water-dispersible granules, suspension concentrates, and emulsions.
The company exports its products to more than 34 countries, serving clients like Krishi Rasayan Exports, Parijat Industries, and Crystal Crop Protection.
The IPO proceeds are earmarked for several purposes: ₹100 Crore will go toward working capital, ₹40 Crore for debt repayment, and ₹14 Crore for building a dry flowable plant in Sonipat, Haryana.
In FY24, the crop protection division generated 91% of the company’s revenue, with a net profit of ₹28.2 Crore, marking a 25.9% growth from the previous year. Systematix Corporate Services will be the sole merchant banker for the offering.
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