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India Pesticides IPO: India Pesticides is one of the leading agrochemicals companies in India
India Pesticides’ Rs 800 crore initial public offering (IPO) opens for bidding today i.e. June 24. The primary market offering will be open till June 25 and the shares will be offered in the price band of Rs 290-296 per share. The allotment of shares will be finalised on June 30 and the shares are likely to debut on the BSE Sensex and NSE Nifty on July 5.
The share sale will comprise a fresh issue of Rs 100 crore and an offer-for-sale (OFS) of Rs 281.4 crore by the promoter Anand Swarup Agarwal and Rs 418.6 crore by shareholders, according to the draft red herring prospectus filed with Sebi.
Applicants can apply for a minimum one lot of 50 shares and multiples thereof, extending uoto 13 lots.
India Pesticides will use the share sale proceeds to fund its working capital requirements and for general corporate purposes.
Started in 1984, India Pesticides is one of the leading agrochemicals companies in India. It manufactures herbicides, insecticides and fungicide formulations, and active pharmaceutical ingredients, and has two plants at UPSIDC industrial area at Lucknow and Sandila, Hardoi in Uttar Pradesh.
Axis Capital and JM Financial are the book running lead managers to the public offer, and KFin Technologies is the registrar to the issue.
India Pesticides’ listed peers include Dhanuka Agritech, Bharat Rasayan, UPL, Rallis India and PI Industries.
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