India Pesticides raises Rs240cr from 12 anchor investors; IPO to opens today

Amongst the domestic investors, SBI Mutual Fund and Nippon Mutual Fund picked up the largest allocations of 27.08% and 16.67% respectively for approximately Rs105cr, across their various schemes.

Jun 23, 2021 07:06 IST India Infoline News Service

Initial Public Offering, IPO
India Pesticides Limited (IPL) has raised Rs240cr from 12 anchor investors a day prior to its issue opening. The company informed the bourses that it has allocated 81,08,107 shares at Rs296 per share on June 22, 2021, to anchor investors.

Six Foreign Portfolio Investors who participated in the anchor were Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara and BNP Paribas. These investors were allocated a total of 24,49,335 shares for approximately Rs72.50cr.

Amongst the domestic investors, SBI Mutual Fund and Nippon Mutual Fund picked up the largest allocations of 27.08% and 16.67% respectively for approximately Rs105cr, across their various schemes.

Other domestic institutions who were allocated shares were – Tata Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company and Winro Commercial India.  These investors were allocated a total of 21,11,522 shares for approximately Rs62.50cr.

The Company is the sole Indian manufacturer of five Technicals and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity (Source: F&S Reports*).

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

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.

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