India Pesticides Limited (“IPL”), an R&D driven one of the fastest-growing agrochemicals companies and manufacturers of Technicals and APIs; listed on the NSE at Rs350, at 18.24% higher over its issue price. The scrip got listed at BSE at Rs. 360 per share, a 21.62% raise over its issue price of Rs 296.
The shares of the company at day end closed at Rs343.15 per share on BSE and Rs342.30 per share on NSE. The initial public offering was offered at a lower price band of Rs290 per share and a higher price band of Rs296.
As per BSE, the total quantity traded stood at 21.21 lakh shares with a delivery quantity percentage of 41.95%. Quantity traded and delivery percentage at NSE was approx. 2.38 crore shares and 45.27% respectively. Total Turnover (BSE+NSE) on Day 1 stood at Rs980.62cr.
The Market Capitalization of the Company post today’s closing price stood at Rs3,951.84cr as per BSE and Rs3,942.05cr as per NSE.
The total size of the offer was Rs. 800 crores at the upper price band of Rs. 296 per share and the issue was opened from March 23 to 25, 2021. The portion reserved for retail investors was subscribed 11.30 times and the Non-Institutional Investor category was subscribed 51.88 times, While the Qualified Institutional Buyer category was subscribed 42.95 times.
Key brokerage houses like Angel Broking, Anand Rathi, Antique, Motilal Oswal, Prabhudas Lilladher and ICICI Direct have given recommendations of "Subscribe" to the issue for long term perspective while highlighting the key strengths of the company like (a) Diversified and expanding product portfolio (b) Healthy balance sheet with negative Net Debt to Equity and robust financials, having one of the best ROE and ROCE of 34% and 45% respectively (c) Sole Indian manufacturer of technicals which are exported to over 25 countries (d) Strong R&D and long term relations with key customers. Furthermore, the company is planning to expand its capacity by 10,000 MT which analysts believe will drive future growth and aid in gaining market share.
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