Spunweb Nonwoven IPO Subscribed 251x on Final Day, NII Leads with 364.58x
Indogulf Cropsciences IPO Subscription Status on Day 3 Reaches 27.17 Times

Indogulf Cropsciences' initial public offering (IPO) has demonstrated mixed investor response through its second day of subscription, with Indogulf Cropsciences' stock price set at ₹105-111 per share and Indogulf Cropsciences' share price reflecting cautious market reception. The ₹200.00 crore IPO has witnessed moderate progress, with subscription rates opening at 0.42 times on day one and improving to 0.68 times by 12:14:50 PM on day two, indicating measured investor interest in this crop protection and plant nutrients manufacturing company incorporated in 1993.
Indogulf Cropsciences IPO non-institutional investors segment leads with an exceptional 49.06 times subscription, whilst qualified institutional buyers demonstrate robust participation at 31.73 times and retail investors show strong interest at 14.97 times, reflecting tremendous investor confidence in this company.
Indogulf Cropsciences IPO subscription reached an exceptional 27.17 times on day three, led by NII (49.06x), QIB (31.73x), and Retail (14.97x). Total applications reached 6,48,155.
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Subscription Status of Indogulf Cropsciences IPO:
Date | QIB | NII | Retail | Total |
Day 1 (June 26) | 0.05 | 0.27 | 0.71 | 0.42 |
Day 2 (June 27) | 0.05 | 0.86 | 1.58 | 0.98 |
Day 3 (June 30) | 31.73 | 49.06 | 14.97 | 27.17 |
Here are the subscription details for Indogulf Cropsciences IPO as of Day 3 (June 30, 2025, 5:04:59 PM):
Investors Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Cr.)* |
Anchor Investors | 1.00 | 52,43,242 | 52,43,242 | 58.20 |
Qualified Institutions | 31.73 | 37,65,767 | 11,94,79,455 | 1,326.22 |
Non-Institutional Buyers | 49.06 | 27,02,703 | 13,25,86,065 | 1,471.71 |
Retail Investors | 14.97 | 63,06,306 | 9,43,93,080 | 1,047.76 |
Total** | 27.17 | 1,27,74,776 | 34,71,50,475 | 3,853.37 |
Key Highlights - Day 3:
- Overall subscription reaching an exceptional 27.17 times, a massive surge from day two's 0.98 times
- NII segment leading with phenomenal demand at 49.06 times, a dramatic increase from day two's 0.86 times
- QIB segment demonstrating robust participation at 31.73 times, a substantial jump from day two's 0.05 times
- Retail segment showing strong interest at 14.97 times, building significantly from day two's 1.58 times
- The final day witnessed exceptional institutional participation with overwhelming NII and QIB response, driving overall subscription
- bNII subcategory leading at 52.13 times whilst sNII demonstrated strong participation at 42.91 times
- Total applications reached 6,48,155, indicating massive investor participation for this mainboard IPO
Indogulf Cropsciences IPO - Day 2 Subscription at 0.98 Times
Key Highlights - Day 2:
- Overall subscription improving to 0.98 times from day one's 0.42 times
- Retail segment showing solid growth at 1.58 times, building momentum from day one's 0.71 times
- NII segment demonstrating steady growth at 0.86 times, an increase from day one's 0.27 times
- QIB segment maintainsmaintaining minimal participation at 0.05 times, unchanged from day one
Indogulf Cropsciences IPO - Day 1 Subscription at 0.42 Times
Key Highlights - Day 1:
- Overall subscription opening cautiously at 0.42 times, showing modest initial investor interest
- Retail segment demonstrating reasonable early participation at 0.71 times, indicating positive individual investor sentiment
- NII segment showing limited early interest at 0.27 times, reflecting cautious high-net-worth investor confidence
- QIB segment demonstrating minimal participation at 0.05 times, indicating reserved institutional sentiment
About Indogulf Cropsciences Limited
Incorporated in 1993, Indogulf Cropsciences Limited is engaged in manufacturing crop protection products, plant nutrients, and biologicals in India. The company operates four manufacturing facilities across Samba (Jammu & Kashmir) and Nathupur (Haryana), covering approximately twenty acres with flexible, multi-purpose capabilities allowing diverse product manufacturing. The company holds a significant market position as one of the first indigenous manufacturers of Pyrazosulfuron Ethyl technical with 97% purity in India, and manufactured Spiromesifen technical with 96.5% purity in 2019.
Financial performance shows mixed trends with revenue declining from ₹555.79 crores in FY2024 to ₹466.31 crores in nine months ended December 2024 (annualised), whilst profit after tax decreased from ₹28.23 crores to ₹21.68 crores during the same period. The company maintains reasonable profitability metrics with 12.2% ROE, 11.93% ROCE, 5.11% PAT margin, 10.09% EBITDA margin, operates with a moderate debt-to-equity ratio of 0.67, and has a market capitalisation of ₹701.54 crores. Post-IPO P/E ratio of 24.27x appears elevated for an agrochemical manufacturer.
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Tanushree Jaiswal
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