New Delhi (Anish Yande): India Pesticides’s initial public offering would be opening for subscriptions from June 23. The agrochemical manufacturer would be raising up to Rs 800-crore through the launch of the IPO. Check all details of the India Pesticides’s initial public offering here.
India Pesticides IPO to launch on Rs 800 crore:
The initial public offer of India Pesticides would amount to Rs 800-crore. The price band for the issue is fixed at Rs 290 to 296 per share. The company’s IPO will be opening for subscription on June 23, 2021, and close on 25 June.
India Pesticides initial public offering would consist of a fresh issue of equity shares amounting to up to Rs 100 crore. The offer for the sale of equity shares is worth up to Rs 281.4 crore by the promoter of the pesticides company Anand Swarup Agarwal. Other selling shareholders of India Pesticides would offload equity shares up to Rs 418.6 crore.
Promoters of the company are the ASA Family Trust and Anand Swarup Agarwal. The promoters hold a 46.97 per cent pre-offer equity stake in the company.
Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares. The book running lead managers to the issue are Axis Capital and JM Financial.
India Pesticides to use proceeds from issue for general corporate purposes:
India Pesticides would be utilising the net fresh issue proceeds for general corporate purposes and the working capital requirements.
India Pesticides is an agrochemical manufacturer that manufactures herbicides, insecticides and fungicide segments, and active pharmaceutical ingredients.
It is one of the leading agro-chemicals company according to the volume of technicals manufactured. India Pesticides is one of the few companies globally that manufactures several technical products such as folpet and cynomoxanil.
The pesticide company owns and operates two manufacturing plants located at Lucknow and Hardoi in Uttar Pradesh. These manufacturing units of India Pesticides have an aggregate capacity of 19,500 MT for technicals and a capacity of 6,500 MT for the formulations vertical. India Pesticides exports technicals to more than 25 countries including Australia and regions in Europe, Asia, North and South America, and Africa.
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