India Pesticides IPO: India Pesticides manufactures herbicides, insecticides and fungicide formulations
India Pesticides’ Rs 800 crore initial public offering (IPO) will open for bidding on June 23. The agrochemical technicals company’s primary market issue will be open for three days, until June 25. The shares are likely to be listed on the BSE Sensex and NSE Nifty.
The share sale will comprise a fresh issue of shares worth Rs 100 crore and an offer-for-sale (OFS) of Rs 281.4 crore by the promoter Anand Swarup Agarwal and Rs 418.6 crore by the shareholders, according to the draft red herring prospectus filed with Sebi.
The company will utilise the IPO proceeds to fund working capital requirements and for general corporate purposes.
Started in 1984, India Pesticides manufactures herbicides, insecticides and fungicide formulations, besides active pharmaceutical ingredients. It has two manufacturing facilities at UPSIDC industrial area at Lucknow and Sandila, Hardoi in Uttar Pradesh; and caters to companies, such as Syngenta Asia Pacific, UPL, Ascenza Agro and Sharda Cropchem.
Axis Capital and JM Financial are the book running lead managers to the public offer, whereas KFin Technologies is the registrar to the issue.
India Pesticides’ listed peers include Dhanuka Agritech, Bharat Rasayan, UPL, Rallis India and PI Industries.
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