India Pesticides IPO subscribed 29.04 times

Published on Jun 25, 2021 17:24

The initial public offer (IPO) of India Pesticides received bids for 56.07 crore shares as against 1.93 crore shares on offer on Friday (25 June 2021), according to the stock exchange data at 16:55 IST. The issue was subscribed 29.04 times.

The issue opened for bidding on Wednesday, 23 June 2021, and it will close today, 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.