India Pesticides IPO Fully Subscribed On Day 1

A farmer sprays fungicide in a field of rice on farmland near Sirsa, Haryana, India. (Photographer: Prashanth Vishwanathan/Bloomberg).

India Pesticides IPO Fully Subscribed On Day 1

Retail investors piled into the initial public offering of India Pesticides Ltd., helping it get fully subscribed on the first day of the issue.

The three-day IPO will see the chemical firm selling shares at Rs 290-296 apiece. That implies a market capitalisation of Rs 3,342–3,409 crore.

The maiden offer comprises a fresh issue of up to Rs 100 crore and an offer-for-sale worth up to Rs 700 crore, according to its red herring prospectus.

India Pesticides plans to use the proceeds from the issue for funding working capital requirements to the tune of Rs 80 crore and the balance, if any, will be used for general corporate purposes.

Also read: India Pesticides IPO: All You Need To Know

Subscription Details

The Lucknow-based fungicides and herbicide maker was subscribed 1.29 times as of 5 p.m. on June 23, according to exchange data.

  • Institutional subscription: 0.00 times.

  • Non-institutional investor subscription: 0.19 times.

  • Retail subscription: 2.51 times.

  • Employees: 0.00 times.

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