Agrochemicals manufacturing company India Pesticides Limited will launch its IPO Today, June 23 to raise Rs 800 crore. You will be able to subscribe till June 25. The company has fixed the issue price of the share in the price band of Rs 290-296 for this IPO. This IPO will be listed on BSE and NSE.
Let us tell you that the market regulator SEBI has given its approval for the IPO of India Pesticides Limited. The company had applied to launch an IPO in February 2021. India Pesticides will raise Rs 800 crore from the primary market through this IPO.
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For this IPO, the company will issue fresh shares worth Rs 100 crore and existing investors of the company will issue shares worth Rs 700 crore through Offer for Sale (OFS). Axis Capital Limited and JM Financial Limited have been appointed as the lead managers for the book running of this IPO, while Kevin Technologies Private Limited is the registrar.
India Pesticides Limited promoter Anand Swarup Agarwal will issue shares worth Rs 281.4 crore in this IPO. At the same time, other shareholders will issue shares worth Rs 418.6 crore. The company will use the funds raised from fresh shares issued in this IPO to meet its working capital and corporate requirements.
Let us tell you that India is included in the world’s top 5 companies producing pesticides Folpet and Thiocarbamate Herbicide Chemicals. The listed peer companies of India Pesticides are Dhanuka Agrotech Ltd., Bharat Rasayan Ltd., UPL Ltd., Rallis India, PI Industries, Sumitomo Chemical India and Atul India.