Partner With Us NRI

India Pesticides IPO ends with strong subscription

Published on Jun 29, 2021 14:27

The initial public offer (IPO) of India Pesticides received bids for 56.07 crore shares as against 1.93 crore shares on offer, according to the stock exchange data. The issue was subscribed 29.04 times.

The non-institutional investors category was subscribed 51.88 times. The qualified institutional buyers (QIBs) category was subscribed 42.95 times. The retail individual investors category was subscribed 11.30 times.

The issue opened for bidding on Wednesday, 23 June 2021, and closed on Friday, 25 June 2021. The price band for the IPO was set at Rs 290-296 per share.

The offer comprised of a fresh issue of Rs 100 crore and an offer for sale of shares worth Rs 700 crore by existing shareholders.

Ahead of the IPO, the company finalized allocation of 81,08,107 equity shares to anchor investors at Rs 296 per share aggregating to Rs 239.99 crore.

The company proposes to utilize the net proceeds of the fresh issue towards funding working capital requirements of the company amounting Rs 80 crore and balance towards general corporate purposes.

India Pesticides (IPL) is an R&D driven agro-chemical manufacturer of technical, with a growing formulations business. India Pesticides is the sole Indian manufacturer of five technicals and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity. Since commencing its operations in 1984, it has diversified into manufacturing herbicide and fungicide technicals and active pharmaceutical ingredients (APIs). The company manufactures herbicide, insecticide, and fungicide formulations.

The company reported a net profit of Rs 134.11 crore and total income of Rs 648.95 crore in the year ended 31 March 2021.

Powered by Capital Market - Live News