Indogulf Cropsciences files IPO papers to raise Rs 200 crore

Indogulf Cropsciences Ltd, a manufacturer of crop protection products, plant nutrients, and biologicals, has filed its draft papers with market regulator Sebi to raise funds through an initial public offering (IPO).

The IPO comprises a fresh issue of equity shares worth up to Rs 200 crore and an offer for sale of up to 38,54,840 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).

As per the DRHP, the proceeds from the fresh issue will be used for funding working capital requirements (Rs 100 crore), repayment of certain outstanding borrowings (Rs 40 crore), setting up an in-house dry flowable plant in Haryana (Rs 14 crore) and for general corporate purposes.

The IPO will be conducted through a book-building process. Up to 50 per cent of the net offer will be allocated to qualified institutional buyers, at least 15 per cent to non-institutional investors, and not less than 35 per cent to retail individual investors.
The face value of each equity share will be Rs 10.

Indogulf Cropsciences, which began operations in 1993, offers solutions to retail and institutional customers to enhance crop productivity.

The company has four manufacturing units located in Samba, Jammu and Kashmir; Nathupur-I and II, Haryana; and Barwasni, Haryana. It has a sales and distribution network in 22 states and 3 Union Territories in India and over 34 countries around the globe.