India Pesticides IPO to open on June 23; price band announced

india pesticides ipo

The Rs 800 crore IPO of India Pesticides would open for subscription on Wednesday, June 23. The company has set the price band for the issue at Rs 290-Rs 296 per share.

The offer comprises a fresh issue of up to Rs 100 crore worth of shares and an offer for sale of up to Rs 700 crore worth of shares. The company plans to use the proceeds from the fresh issue to finance working capital requirements and for general business purposes.

The retail quota for the IPO has been held at 35 percent. The issue would conclude on Friday, June 25.

Currently, India Pesticides runs two manufacturing plants in Uttar Pradesh, one in Lucknow and the other in Hardoi. The two facilities have a combined capacity of 19,500 MT for technicals and 6,500 MT for formulations vertical.

India Pesticides presently has registrations and licenses for 22 agrochemical technicals and 125 formulations for sale in India and 27 agrochemical technicals and 35 formulations for exports purpose.

A press release implied that the firm is the single Indian manufacturer of five agrochemical technicals. The release claimed that it is one of the leading manufacturers internationally for Captan, Folpet, and Thiocarbamate Herbicide in terms of production capacity.

The key fungicide technicals that the firm manufactures comprise Folpet which is utilized to manufacture fungicides that manage fungal growth at vineyards, cereals, and crops. Cymoxanil is utilized to manufacture fungicides that manage downy mildews of grapes, potatoes, vegetables, and various other crops. Thiocarbamate herbicide is used in field crops like wheat and rice, and is used globally, it said.

Axis Capital and JM Financial have been appointed as the book running lead managers to the offer.

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