India Pesticides get Sebi’s nod for Rs800 crore IPO
Premium- The public offer comprises a fresh issuance of shares of up to Rs100 crore and Rs700 crore through an offer-for-sale by promoter Anand Agarwal and ASA Trust
Lucknow-based agrochemical company India Pesticides Ltd (IPL), on Tuesday received capital markets regulator Sebi's nod to float initial share-sales.
The public offer comprises a fresh issuance of shares of up to ₹100 crore and ₹700 crore through an offer-for-sale by promoter Anand Agarwal and ASA Trust.
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India Pesticides is an R&D-focused agrochemical technical company, which has growing formulations business in herbicides, insecticides and fungicide segments. It also manufactures active pharmaceutical ingredients (APIs).
It is the only Indian manufacturer and among the top-five companies globally for several technical products such as folpet and cymoxanil, used to make fungicides that control fungal growth across a variety of crops, as per the company’s DRHP.
Currently, India Pesticides operates from two manufacturing facilities at Lucknow and Hardoi in Uttar Pradesh with an aggregate capacity of 19,500 MT for technicals and 6,500 MT for the formulations vertical.
Revenue from operations for fiscal 2020 and the six months ended 30 September stood at ₹479.6 crore, and ₹333.8 crore, respectively. The company reported a profit of Rs. 70.5 crore and Rs. 72.2 crore for these periods.
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