New Delhi, Jun 30 (PTI) The initial public offer of Indogulf Cropsciences Ltd received 25.98 times subscription on the closing day of bidding on Monday, helped by encouraging participation from institutional investors.

The company's initial share sale got bids for 34,72,66,170 shares against 1,33,65,710 shares on offer, as per NSE data.

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The quota for non-institutional investors fetched 48.39 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 33.26 times. Retail Individual Investors (RIIs) part received 14.78 times subscription.

Indogulf Cropsciences garnered over Rs 58 crore from anchor investors.

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The price band for the initial public offering (IPO) has been fixed at Rs 105-111 per share.

The IPO is a mix of a fresh issue of equity shares worth Rs 160 crore and an offer-for-sale of up to 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF).

The proceeds from the fresh issue to the tune of Rs 65 crore will be used for funding working capital requirements, Rs 34.12 crore for repayment of debt, and Rs 14 crore for its capital expenditure and general corporate purposes.

Indogulf Cropsciences, which began its operations in 1993, is engaged in the business of manufacturing crop protection products, plant nutrients and biologicals in India.

The shares of the company will be listed on the BSE and NSE.

Systematix Corporate Services is the sole book-running lead manager, and Bigshare Services is the registrar of the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)