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The price band of each share is fixed at Rs 290-Rs 296.
India Pesticides will open the company for public subscription on June 23, and it will be open till June 26 with a price band of each share estimated to be around Rs 290 – Rs 296.
This agro-chemical manufacturing company is planning to raise Rs 800 crore through the offer that comprises of a fresh issue of Rs 100 crore an offer for sale of Rs 281.4 crore.
They have plans to utilize these net proceeds from the fresh issue by using it for working capital requirements and general corporate purposes.
India Pesticides is a research and development driven agro chemical manufacturing company with a growing business. It is one of the fastest growing manufacturing companies in terms of volume of technical manufactured. The company also manufactures herbicide, insecticide and fungicide formulations.
They are major exporters and they derive a major share of revenue from exports. They export their technical to over 25 countries including Australia, North and South America, Europe and other Asian countries.
The company recorded a 37.17 year on year growth in technical manufacturing between financial years 2020 and 2021.
Four new Initial Public Offering (IPO)s hit the market recently after a brief hiatus. Shyam Metallics and Energy Ltd, Sona BLW Precision Forgings (Sona Comstar), Krishna Institute of Medical Sciences and Dodla Diary are the companies were opened for public subscription. Initial Public Offering is the process in which a private company goes public by sale of its stocks to the general public. After the initial offering, its shares can be traded in the open market. The last offering happened is of Macrotech Developers between April 7 and April 9, 2021 before the two-month break.
In 2021, so far, 17 companies have come out with their IPOs. With the Covid-19 pandemic across the country, these IPOs indicate that economic growth can be boosted through these investment opportunities.
