In the series of continuous IPO, another company is descending to raise funds from the primary market. The IPO of India Pesticides is opening for subscription on 23 June. The company’s IPO will be of Rs 800 crore. The issue of this agrochemical technical company will open for subscription on June 23, 2021 and will close on June 25, 2021. Fresh shares worth Rs 100 crore will be issued in this public issue. Promoter Anand Swaroop Agarwal will bring an offer for sale worth Rs 281.4 crore. At the same time, shares worth Rs 418.6 crore of shareholders will be sold. The shares of the company will be listed on both BSE and NSE. Axis Capital Limited and JM Financial Limited have been appointed as the lead managers for the book running of this IPO, while KFin Technologies Private Limited is its registrar.
What does India Pesticides do?
India Pesticides are R&D based Technical Key Agrochemical Manufacturers. The company’s formulation business is growing. The company is one of the largest companies in the world in terms of production capacity of Captan, Folpet and Thiocarbamate insecticides. It is the only manufacturer of at least five technical in the country. The listed peer companies of India Pesticides include Dhanuka Agrotech Limited, Bharat Rasayan Limited, UPL Limited, Rallis India, PI Industries, Sumitomo Chemical India and Atul India. The industry average PE is 47.44x. The weighted return on net worth for 2019, 2020 and 2021 is 30.37 per cent. The company will use Rs 80 crore as working capital out of the funds raised through the IPO. The remaining amount will be used for general corporate needs.
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Leading in making pesticide chemicals for paddy and wheat crops
India Pesticides is a diversified manufacturing company of Insecticides & Fungicides and APIs. Thiocarbamate is one of the insecticide technologies used by the company. It is used to protect paddy, wheat crops from insects. This chemical is used all over the world. India is currently the fourth largest manufacturer of chemicals in the world to protect crops from insects.