India Pesticides Limited IPO issue subscribed 1.29 times on Day 1


India Pesticides Limited, a Research and Development drove one of the fastest-growing agrochemicals company and manufacturer of Technical and Active pharmaceutical ingredients; received bids of 2,49,64,700 shares against 1,93,10,345 equity shares which were offered as per the 5 pm data available on the stock market.

The part which is reserved for retail investors was subscribed 2.51 times. The Non-Institutional Investor category was subscribed 0.19 times, while the Qualified Institutional Buyer did not get any response on the first day.

The overall size of the offer is 800 crore rupees at the upper price band of Rs. 296 per share.

The Company gathered Rs. 240 crores through the Anchor Book and saw a great demand across six Foreign Portfolio Investments and six Domestic Institutions such as Wells Fargo, Plutus, Millenium, Tara, Abu Dhabi Investment Authority (ADIA), Nippon Mutual Fund, Tata Mutual Fund, BNP Paribas SBI Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company and Winro Commercial India.

Axis Capital Limited and JM Financial Limited are the BRLM (Book Running Lead Managers) to the offer.

The company is the only Indian manufacturer of five Technicals and among the leading manufacturers globally for Folpet, Captan and Thiocarbamate Herbicide in terms of production capacity (Source-F&S Reports).

Some of the key fungicide Technicals the Company manufactures include 1. Folpet (used to manufacture fungicides that control fungal growth at cereals, crops, vineyards and biocide in paints); and 2. Cymoxanil (used to manufacture fungicides that control downy mildews of potatoes, vegetables, grapes, other fruits and several other crops).

Major herbicide Technicals manufactured by the company include Thiocarbamate herbicides that have application in field crops such as rice and wheat and are used all over the world.

India Pesticides Limited were among the fastest growing agrochemical companies in India in terms of volume in Fiscal 2020. The Company currently operates out to two manufacturing facilities out of Lucknow and Hardoi in Uttar Pradesh having a total capacity of 19,500 Metric Tonnes for Technicals and 6,500 Metric Tonnes for the Formulations vertical.

It currently has licenses and registrations for twenty two agro-chemical Technicals and 125 Formulations for sale in the country and 27 agrochemical Technicals and 35 Formulations for exports and two Active pharmaceutical ingredients.

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