Sebi clears KPR Agrochem IPO; 11th proposal to get nod in 2016

KPR Agrochem has received capital market regulator Sebi's approval to raise at least Rs 180 crore through an initial public offering (IPO).
With this, the number of firms receiving Sebi's green signal since the beginning of the year has reached 11.
Among the firms that obtained Sebi's clearance to float IPOs include Mahanagar Gas, Equitas Holding, New Delhi Center for Sight, Thyrocare Technologies, Ujjivan Financial Services and Dilip Buildcom. Some of these companies have already hit the Dalal streets.
KPR Agrochem, which had filed its draft red herring prospectus (DRHP) with Sebi in December 2015 for launching the IPO, received clearance from the regulator on April 5, according to the latest update.

The IPO comprises fresh issue of shares aggregating up to Rs 180 crore and offer for sale of 50 lakh equity shares by the existing shareholders, as per the draft papers.
Proceeds of the issue would be used for setting up of a crop nutrient product manufacturing facility of NPK mixtures in Tamil Nadu, establishing new Kisan Seva Kendras in Andhra Pradesh and Karnataka and modernisation of existing pesticides manufacturing facility in Andhra Pradesh.

The proceeds would also be used for repayment of loans, to meet working capital requirements and for other general corporate purposes.
Andhra Pradesh-based KPR Agrochem is an agri-input firm focused on manufacturing, distribution and retailing of a wide range of crop yield enhancing and protection products.

The issue is being manged by Karvy Investor Services and IL&FS Capital Advisor.
The shares are proposed to be listed on the BSE and the National Stock Exchange.