Indogulf Cropsciences IPO
Indogulf Cropsciences Limited (IGCL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 03 July 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +10.2% (likely range -7% to +24%), day's high +16.5%, chance of a gain 51%. Actual: 0.0% at the open, +1.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 35,92,277 | 11,94,79,455 | 33.3x | |
| NII (HNI) total | 27,40,541 | 13,26,08,745 | 48.4x | |
| Big NII (above ₹10 lakh) | 18,27,028 | 9,39,28,140 | 51.4x | |
| Small NII (₹2-10 lakh) | 9,13,513 | 3,86,80,605 | 42.3x | |
| Retail | 63,94,595 | 9,44,84,880 | 14.8x | |
| Employees | 6,38,297 | 6,93,225 | 1.09x | |
| Total | 1,33,65,710 | 34,72,66,305 | 26.0x |
Bids on NSE and BSE together, as published by NSE, as of 30 Jun 2025, 07:00 PM. Shares offered exclude the anchor portion. 24% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Indogulf Cropsciences's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| J G ChemicalsMar 2024 | 32.1x | 46.3x | 17.4x | 27.8x | ₹256 Cr | -5.4% | -3.3% |
| Udayshivakumar InfraMar 2023 | 40.5x | 60.4x | 14.1x | 30.6x | ₹80.5 Cr | -14.3% | -10.0% |
| Dharmaj Crop GuardNov 2022 | 48.2x | 52.3x | 21.5x | 35.5x | ₹270 Cr | +12.3% | +17.7% |
| Valiant LaboratoriesOct 2023 | 20.8x | 73.6x | 16.1x | 29.8x | ₹152 Cr | +15.8% | +21.6% |
| IRM ENERGY LIMITEDOct 2023 | 44.7x | 48.3x | 9.29x | 27.1x | ₹545 Cr | -5.5% | -4.2% |
| Tolins TyresSep 2024 | 25.4x | 27.4x | 21.5x | 23.9x | ₹242 Cr | +0.9% | +5.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Systematix Corporate Services | 11 | +11.4% | 45% |
Offer documents (NSE)
Frequently asked
What is the Indogulf Cropsciences IPO price band and lot size? ₹105–111 per share, with a lot of 135 shares, so the smallest retail bid is ₹14,985.
How many times has it been subscribed? 26.0x overall: QIB 33.3x, NII 48.4x, retail 14.8x, employees 1.09x.
How did it list? It opened at ₹111, +0.0% against the issue price of ₹111, and closed its first day -0.6%.
