India Pesticides fixes price band of Rs 290–296 per share for Rs 800-crore IPO

Our Bureau Mumbai | Updated on June 18, 2021

The issue will open for subscription on June 23

Lucknow-based India Pesticides Ltd, an agro-chemical manufacturer of technicals, has fixed a price band of Rs 290-296 a share for its Rs 800-crore initial public offering (IPO).

The issue will open for subscription on June 23, and close on June 25.

The issue comprises a fresh issue of shares of up to Rs 100 crore and an Offer for Sale of up to Rs 700 crore. The company intends to use the proceeds from the fresh issue to fund its working capital requirements and for general corporate purposes.

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

The company would also be looking at raising funds from anchor investors ahead of the IPO.

India Pesticides is a manufacturer of key technicals such as Folpet and Cymoxanil, and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide.

The major herbicide technicals the company manufactures include Thiocarbamate herbicides that have application in field crops, such as, wheat and rice, and are used globally.

The firm currently has manufacturing facilities at Lucknow and Hardoi in Uttar Pradesh with a total capacity of 19,500 MT for technicals and 6,500 MT for the formulations vertical. It currently has registrations and licenses for 22 agro-chemical technicals and 125 formulations for sale in India and 27 agro-chemical technicals and 35 formulations for exports purpose.

Published on June 18, 2021

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