 "India Pesticides shares jump 16% to close at Rs 343.2 on listing day")
Shares of India Pesticides (IPL) gained 16 per cent on their stock market debut on Monday, ending at Rs 343.2, with a gain of Rs 47.2 over issue price of Rs 296. It touched a high of Rs 368 and a low of Rs 340 with nearly Rs 980 crore worth of shares changing hands.
At the closing price, the company had a market capitalisation of Rs 3,952 crore. IPL’s initial public offering (IPO) had seen 29x subscription. The IPO comprised Rs 100 crore in fresh fund raise and Rs 700 crore worth of secondary share sale. India Pesticides is a manufacturer of agro-chemicals.
Analysts said the company is currently valued at nearly 30x its financial year (FY21) earnings. The valuation for listed industry peers such as Dhanuka Agritech is 21.4x, Bharat Rasayan is 34x, Rallis India is 30.2x, and PI industries is 60.1x.
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