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India Pesticides’ initial public offering (IPO) received good investor response despite the questionable allocation of shares issued before the public issue. The company issued shares at a fraction of the IPO price earlier this year. Still, the issue received bids 29 times the shares offered and listed at a premium on the stock exchanges this week. Two factors worked in India Pesticides’ favour. The IPO is priced at a discount to its listed peers in the agrochemical industry. Second, and the most important factor, is the positive...