India Pesticides Ltd aims to raise ₹800 crore from the IPO which comprises a fresh issue of ₹100 crore and an offer for sale (OFS) of ₹281.40 crore by Anand Swarup Agrawal and ₹418.60 crore by other shareholders and promoters
NEW DELHI: The price band for India Pesticides Ltd’s initial public offering (IPO) has been fixed at ₹290-296 a share. The issue will open on 23 June and close on 25 June.
The company aims to raise ₹800 crore from the IPO which comprises a fresh issue of ₹100 crore and an offer for sale (OFS) of ₹281.40 crore by Anand Swarup Agrawal and ₹418.60 crore by other shareholders and promoters.
As of September, Agarwal held 40.07% stake in the company.
Axis Capital and JM financials are the lead managers to the issue.
Proceeds from the issue will be used for funding working capital requirements.
For the six months ended September, the company reported a revenue of ₹333.84 crore, up 52% on year, while net profit jumped 170% to ₹72.50 crore.
India Pesticides has two operating verticals—technicals and formulations. It operates out of two manufacturing facilities in 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 has registrations and licences for 22 agro-chemical technicals and 124 formulations for sale in India, and 27 agro chemical technicals and 34 formulations for exports.