Indogulf Cropsciences has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company’s IPO is a mix of fresh issues of up to Rs 200 crore and an Offer For Sale (OFS) of up to 38.55 lakh equity shares by selling shareholders. The offer also includes reservations for eligible employees.
Proceeds from the fresh issue to the extent of Rs 100 crore will be used for funding working capital requirements of the company; Rs 40 crore for payment of debt, Rs 14 crore for setting up an in-house dry flowable plant at Barwasni Sonipat, Haryana; and a portion will be used for general corporate purposes. Systematix Corporate Services is the sole book-running lead manager to the issue.
Founded in 1993, Indogulf Cropsciences operates in three business segments -- crop protection, plant nutrients, and biological products offering solutions to the retail and institutional customers to enhance crop productivity.
| Company Name | CMP |
|---|---|
| UPL | 665.00 |
| PI Industries | 3144.45 |
| Bayer CropScience | 4900.45 |
| Sharda Cropchem | 1109.70 |
| Sumitomo Chemical | 441.95 |
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