India Pesticides will launch its initial public offer (IPO) on June 23. The firm plans to raise Rs 800 crore through the share sale. The agrochemical company has fixed a price band of Rs 290-296 per share for its IPO.
The IPO will close on June 25. The bidding for anchor investors will open on June 22. The IPO comprises fresh issue of equity shares amounting to Rs 100 crore and an offer of sale for equity shares aggregating up to Rs 281.4 crore by promoter Anand Swarup Agarwal and up to Rs 418.6 crore by other selling shareholders.
The firm intends to use proceeds of the fresh issue towards funding the working capital requirements and general corporate purposes.
Allotment of shares will be carried out on June 30. The share will list on BSE and NSE on July 5, 2021. Axis Capital and JM Financial are the book running lead managers to the issuer.
One can apply in the IPO in a lot size of 50 shares by spending Rs 14,800.
A maximum of 13 lots or 650 shares can be applied for by a retail investor for Rs 1,92,400.
The Uttar Pradesh-based company is likely to undertake a pre-IPO placement of Rs 75 crore subject to consultation of the merchant bankers.
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 amongst the top five companies globally for several technical products such as folpet and cynomoxanil, used to make fungicides that control fungal growth across a variety of crops.
India Pesticides currently 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.