India Pesticides IPO Subscribed 29.04 Times On Day 3
The initial public offering of India Pesticides Ltd. garnered strong interest from retail, institutional and non-institutional investors on the final day of subscription.
The company has replaced Home First Finance Ltd. to be the eleventh most subscribed offer so far in 2021.
The chemical firm has been selling shares at Rs 290-296 apiece in the three-day IPO. 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.
The fungicide and herbicide maker was subscribed 29.04 times as of 5 p.m. on June 25, according to exchange data.
Institutional subscription: 42.95 times.
Non-institutional investor subscription: 51.88 times.
Retail subscription: 11.30 times.