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India Pesticides Rs 800 cr IPO to open on June 23; price band set at Rs 290-296 per share

01:10 PM Jun 18, 2021 | PTI

Agrochemical company India Pesticides on Friday said it has fixed a price band of Rs 290-296 a share for its Rs 800-crore initial share sale.

The three-day initial public offer (IPO) will open on June 23 and conclude on June 25. The bidding for anchor investors will open on June 22, according to the company.

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The Rs 800-crore IPO comprises fresh issuance 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.

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The Uttar Pradesh-based company may decide to undertake a pre-IPO placement of Rs 75 crore subject to consultation of the merchant bankers.

Proceeds of the fresh issue would be used towards funding the working capital requirements and general corporate purposes.

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.

Axis Capital and JM Financial are the book running lead managers to the issuer.

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