India Pesticides files IPO papers with Sebi, plans to launch Rs 800-crore public issue

India Pesticides in DRHP stated that if the pre-IPO placement takes place then the quantity raised from the pre-IPO placement will likely be lowered from the contemporary issue. Image: Reuters

Agrochemical technicals company India Pesticides Ltd has filed preliminary papers with capital markets regulator Sebi. The Uttar Pradesh-based company appears to be like to elevate Rs 800 crore by way of an preliminary public providing which contains contemporary issue of shares price Rs 100 crore and a proposal of sale (OFS) of Rs 281.4 crore by promoter Anand Swarup Agarwal and Rs 418.6 crore by promoting shareholders, in accordance to draft pink herring prospectus. The fairness shares are proposed to be listed on BSE and NSE.

The company and promoting shareholders in session with e book operating lead managers might think about an additional pre-IPO placement issue of Rs 75 crore. The company in DRHP stated that if the pre-IPO placement takes place then the quantity raised from the pre-IPO placement will likely be lowered from the contemporary issue. The e book operating lead managers to the issue are Axis Capital Ltd and JM Financial Ltd, whereas the registrar to the supply is KFin Technologies Private Ltd. The company is the only Indian producer and amongst prime 5 producers globally for a number of Technicals, equivalent to, Folpet and Thiocarbamate Herbicide, used to make herbicide, insecticide and fungicides that management fungal development throughout a wide range of crops.

India Pesticides listed friends embody Dhanuka Agritech Ltd, Bharat Rasayan Ltd, UPL Ltd, Rallis India Ltd, PI Industries Ltd, Sumitomo Chemical India Ltd and Atul Ltd, have respective P/E ratios at 26.08. 27.46, 24.15, 30.41, 66.56, 76.67 and 29.26. The company in DRHP said that the proceeds of the OFS will likely be obtained by the promoting shareholders. The Company is not going to obtain any proceeds from the OFS. As for the contemporary issue, India Pesticides has deliberate to utilise the online proceeds for funding working capital requirement of the company, and common company functions. India Pesticides at the moment operates from two manufacturing amenities situated at Dewa Road, Lucknow and Sandila, Hardoi in Uttar Pradesh, with an combination capability of 19,500 MT for technicals and 6,500 MT for the formulations vertical.

It additionally manufactures energetic pharmaceutical components (APIs) and has obtained a license for manufacturing two medicine on the market at Dewa Road from the Drug Licensing and Controlling Authority. For the six months ended September 30, 2020, India Pesticides posted a revenue of Rs 72.3 crore whereas for the monetary year 2020, it reported a revenue of Rs 70.58 crore.

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