Retail investors lapped up shares of India Pesticides Ltd. on the second day of its initial public offering as well. Demand from the Institutional counterparts, too, picked up.
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.
Subscription Details
The Lucknow-based fungicides and herbicide maker was subscribed 3.79 times as of 5 p.m. on June 24, according to exchange data.
- Institutional subscription: 2.31 times.
- Non-institutional investor subscription: 0.91 times.
- Retail subscription: 5.87 times.
- Employees: 0.00 times.
Research Reports On India Pesticides IPO
- Track Record Robust; Long-Term Prospects Positive: Anand Rathi
- Growth Prospects, Key Risks: ICICI Direct
- Strong Growth Aspects, Robust Financial: Motilal Oswal
- Niche Company At Reasonable Valuations: Prabhudas Lilladher
- Diversified Portfolio Of Niche, Specialised Products; Robust Financials: KRChoksey
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