India Pesticides IPO subscribed 29 times
The Rs 800-crore IPO received bids for 56,07,11,650 shares against 1,93,10,345 shares on offer, as per NSE data
New Delhi: The initial public offer of India Pesticides Limited was subscribed 29 times on the closing day of the subscription on Friday. The Rs 800-crore IPO received bids for 56,07,11,650 shares against 1,93,10,345 shares on offer, as per NSE data.
Qualified Institutional Buyers (QIBs) category was subscribed 42.95 times, non-institutional investors 51.88 times, and those for Retail Individual Investors(RIIs) 11.30 times.
The initial public offer (IPO) comprised a fresh issue of Rs 100 crore and an offer for sale of Rs 700 crore. The offer was in a price range of Rs 290-296 per share. On Tuesday, India Pesticides raised Rs 240 crore from anchor investors.
Proceeds from the fresh issue would be used towards funding the working capital requirements and general corporate purposes.
India Pesticides is an R&D-focused agrochemical technical company, which has growing formulations business in herbicides, insecticides, and fungicide segments. It also manufactures active pharmaceutical ingredients. Axis Capital Limited and JM Financial Limited were the managers of the issue.
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