India Pesticides' Rs 800 cr IPO to open June 23; price band Rs 290-296

Fresh issue of Rs 100 crore, offer for sale of Rs 700 crore; anchor investors to be allotted shares on Tuesday

India Pesticides has priced its initial public offer (IPO) between Rs 290- Rs 296 per equity share. The IPO will open on June 23 and close on June 25. The anchor investors will be allotted shares on Tuesday.

The Rs 800-crore IPO comprises a fresh issue of Rs 100 crore and an offer for sale of Rs 700 crore. The company intends to utilize the proceeds from the fresh issue to fund its working capital requirements.

India Pesticides is an agrochemicals manufacturer. Revenue generated from exports contributed to 56.7 per cent of the company's revenue from operations in fiscal 2021. The company has two manufacturing facilities located at Lucknow and Sandila, Hardoi in Uttar Pradesh.

Axis Capital and JM Financial are the investment banks handling the IPO.

The issue of India Pesticides comes after a super busy week for the IPO market when four issues cumulatively worth Rs 9,122 crore hit the market. The last IPO to hit the market before this week was that of Marcotech Developers in April. The volatility in the market after the second wave of Covid 19 had made companies defer their listing plans. However, the rebound since May has helped some of the companies to revive their plans.