India Pesticides IPO to open tomorrow; check out issue size, price band

The price band for the Offer has been determined at Rs290 - Rs296 per Equity Share.

Jun 22, 2021 04:06 IST India Infoline News Service

India Pesticides Limited is proposing to open its initial public offering of Equity Shares on June 23, 2021, and the offer will close on Friday, June 25, 2021. The issue will open for anchor investors for a day on June 22.

The price band for the Offer has been determined at Rs290 - Rs296 per Equity Share.

The IPO comprises a fresh issue of equity shares amounting to Rs100cr and an offer of sale for equity shares aggregating up to Rs281.4cr by promoter Anand Swarup Agarwal and up to Rs418.6cr by other selling shareholders.

One can apply in the IPO in a lot size of 50 shares by spending Rs14,800. A maximum of 13 lots or 650 shares can be applied for by a retail investor for Rs1,92,400.

The Company and the Promoter Selling Shareholder have, in consultation with the BRLMs, consider participation by Anchor Investors, which participation shall be one Working Day prior to the bid/offer opening Date, i.e. Tuesday, June 22, 2021.

Axis Capital Limited and JM Financial Limited are the BRLMs to the Offer.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Red Herring Prospectus dated June 16, 2021 (“RHP”) filed with the Registrar of Companies, Uttar Pradesh at Kanpur (“RoC”).

The total Offer size is up to Rs800cr with a Fresh Issue of Equity Shares, aggregating up to Rs100cr and an Offer for Sale of Equity Shares aggregating up to Rs700cr, by the Selling Shareholders. The Company intends to utilize the proceeds from the Fresh Issue to fund its working capital requirements and for general corporate purposes.

Related Story

Open Free Demat Account (Rs699)