Indogulf's poor listing

There was a new listing today and it was listless. As against the IPO price of Rs.111, the stock got listed on the BSE at Rs.111, the same as listing price and soon tumbled down to below the price to Rs.107 levels.
Indogulf Crop Sciences is a crop protection products manufacturer, having 4 manufacturing plants in Haryana and J&K, with an aggregate effective installed capacity of 25,720 MTPA. Besides B2B and B2C sales in India, company also exports products, which accounts for ~14% of Rs. 552 cr topline in FY24.
The IPO was overall subscribed 25.98x, with HNIs portion highest at 48.39x, QIBs at 33.26x and Retail at 14.78x.
Our IPO Analysis was scathing and we had concluded - Don’t be fooled or swayed by ‘statutory disclosure’. Save your time and money and clear avoid the IPO.