Crop Life Science IPO: Check GMP, subscription status on day 2, other details

Crop Life Science IPO: Crop Life Science Limited IPO opened for subscription on Friday, August 18, and will close on Tuesday, August 22.

As per the Red Herring Prospectus (RHP), Crop Life Science is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations. Agriculture chemicals consists of Pesticides and Micro Fertilizer, moreover, the pesticides including Insecticides, Fungicides, Herbicides and Weedicides.

Rajesh Lunagariya and Ashvinkumar Lunagaria are the company's promoters.

In the year 2006, the company have taken the land admeasuring area of approximately 5831.10 Square Meters on lease basis for a period of 99 years from Gujarat Industrial Development Corporation (GIDC) for our manufacturing unit at GIDC Ankleshwar (Gujarat). We had commenced the manufacturing activities of Pesticides and Micro fertilizer in the year 2006-07.

Crop Life Science IPO Subscription Status

Crop Life Science IPO Subscription Status was 2.36 times on day 2. The issue received positive response from retail investors who's portion set was subscribed 3.99 times, and non-institutional buyers who's portion set was subscribed 71%, according to data on chittorgarh.com.

The company has received bids for 1,14,96,000 shares against 5,140,000 shares on offer, according to data on chittorgarh.com.

Also Read: Crop Life Science IPO open now: Check GMP, subscription status on day 1, other details to know

Crop Life Science IPO GMP Today

Crop Life Science Limited IPO GMP today or grey market premium is -4. This indicates that the shares of Crop Life Science IPO GMP were trading at a discount of ₹4 in the grey market on Monday, according to topsharebrokers.com.

Considering the upper end of the Crop Life Science price band and the current premium in the grey market, the estimated listing price of Crop Life Science ltd share price is ₹48 apiece, which is 7.69% lower than the Crop Life Science ltd share of ₹52. 

In the last two trading sessions, Crop Life Science Ltd shares were trading at their issue price with no premium or discount in the grey market

The lowest GMP is recorded at ₹-4 while the highest GMP is ₹7. According to topssharebrokers.com, today's IPO GMP trend indicates discount and expects a discount listing.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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Crop Life Science IPO Details

Crop Life Science IPO price band has been fixed at ₹52 per equity share of face value of ₹10 each. The minimum lot size of this Crop Life Science IPO is 2000 shares. Crop Life Science IPO issue price is 5.2 times the face value of the equity share.

Crop Life Science IPO consists of fresh issue of 51.40 lakh equity shares aggregating to ₹26.73 crore. There is no offer for sale (OFS) component.

According to company's Red Herring Prospectus (RHP) it intends to use the net proceeds raised through the issue to repay debt, meet long-term working capital requirements, and general corporate purposes.

Crop Life Science IPO's lead manager is Interactive Financial Services Ltd, and the registrar is Purva Sharegistry Pvt Ltd.

Crop Life Science IPO Dates

Crop Life Science Limited IPO's basis of allotment of shares will be finalised on Friday, August 25 and the company will initiate refunds on Monday, August 28, while the shares will be credited to the demat account of allottees on Tuesday, August 29. Crop Life Science Ltd shares are likely to be listed on NSE SME on Wednesday, August 30.

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