India Pesticides IPO: Shares list at 27% premium on exchanges
- Shares of
India Pesticideslist at 27% premium from its price band of ₹290-296 per share.
- The IPO of the agrochemical company had been subscribed 29 times on the last day of bidding.
- The company is the sole Indian manufacturer of five agrochemical technicals.
AdvertisementShares of India Pesticides made a strong listing on National Stock Exchange (NSE) and BSE on a 27% premium from its price band of ₹290-296 per share.
The shares of India Pesticides were trading at ₹358.05 at 10.04 a.m.
The issue was open for subscription between June 23 and June 25.
The grey market had indicated a premium of ₹50-55 from its price band on Friday, which means at least 18-20% upside for the stock over the issue price. The agrochemical company is looking to raise ₹800 crore through the initial public offering (IPO). The company is one of the sole Indian manufacturers of five agrochemical technicals.
The IPO had received good response from investors considering that investors have bid for 56.07 crore shares against the 1.93 crore shares on offer. The portion for qualified institutional investors was subscribed 42.95 times while the non-institutional investor category received a bid for 51.88 times.
The company has said it would utilise the net proceeds from the public issue to fund working capital requirements and general corporate purposes.
India Pesticides currently has registrations and licences for 22 agrochemical technicals and 125 formulations for sale in India and 27 agrochemical technicals and 35 formulations for export purposes.
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