Chemical Mélange

India Pesticides Limited & Issue subscribed 1.29 times, Retail portion booked 2.51 times on day 1

India Pesticides Limited Bharti AXA Life Insurance Company and Winro Commercial India.

India Pesticides Limited (“IPL”), a R&D driven one of the fastest growing agro-chemicals company and manufacturer of Technicals and APIs; received bids of 2,49,64,700 shares against the offered 1,93,10,345 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 2.51 times and the Non-Institutional Investor category was subscribed 0.19 times, While the Qualified Institutional Buyer didn’t see any response on Day one.

India Pesticides Limited total size of the offer is Rs. 800 crores at the upper price band of Rs. 296 per share.

The Company raised Rs. 240 crores through the Anchor Book and saw a good demand across 6 FPIs and 6 Domestic Institutions namely such as Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara, BNP Paribas SBI Mutual Fund, Nippon Mutual Fund, Tata Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company and Winro Commercial India.

Axis Capital Limited and JM Financial Limited are the BRLMs to the Offer.

Company Information

India Pesticides Limited Company is the sole Indian manufacturer of five Technicals and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity (Source: F&S Reports*). Certain key fungicide Technicals the Company manufactures include: (i) Folpet, used to manufacture fungicides that control fungal growth at vineyards, cereals, crops and biocide in paints; and (ii) Cymoxanil, used to manufacture fungicides that control downy mildews of grapes, potatoes, vegetables and several other crops. Major herbicide Technicals the Company manufactures include, Thiocarbamate herbicides that have application in field crops, such as, wheat and rice, and are used globally.

India Pesticides Limited Company currently operates out to 2 manufacturing facilities out of the Lucknow and Hardoi in Uttar Pradesh having an aggregate 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 and 2 APIs.

This article was shared to Prittle Prattle News as a Press Release.

By Reporter

Media of the day

This error message is only visible to WordPress admins
There has been a problem with your Instagram Feed.
Error: No posts found.
Skip to toolbar