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Home >Markets >Ipo >India Pesticides IPO price band fixed at 290-296 a share

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.

The company caters to clients such as Syngenta Asia Pacific Pte Ltd, United Phosphorus, Ascenza Agro, S.A., Conquest Crop Protection Pty Ltd, Sharda Cropchem Ltd and Stotras Pty Ltd.

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