Shares of India Pesticides Ltd. gained on market debut after its initial public offering witnessed strong investor interest.
The stock of the fungicide and herbicide maker started trading at Rs 360 apiece, a premium of 21.62% to its issue price of Rs 296, according to exchange data. Shares then hit an intraday high of Rs 368 apiece, rallying as much as 24.3%.
India Pesticides' IPO, open from June 23-25, was subscribed 29.04 times, becoming the eleventh most subscribed offer so far in 2021.
The portion meant for institutional investors was subscribed 42.95 times, while that of non-institutional counterparts saw 51.88 times more demand than shares on offer. Retail investors, too, piled in with the category reserved for them subscribing 11.30 times.
The company, the sole producer of five technicals in India and among the leading manufacturers globally for several fungicides, had said it would use the proceeds from the issue to fund working capital requirements to the tune of Rs 80 crore and the balance, if any, for general corporate purposes.
Shares of the company ended its first full day of trading at Rs 343.15, up 15.93%.
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