Indian Pesticides finally got approval for fundraising of Rs. 800 Crores through an IPO from market regulator SEBI.
The IPO consists of a fresh issue of Rs. 100 Crores and offer for sale (OFS) of Rs. 700 Crores.
As per DRHP, Indian Pesticides decided to go for pre-IPO fundraising of Rs. 75 Crores so in this case, the fresh issue will be reduced they raise the money.
What is the business of Indian Pesticides?
They have an R&D in the agrochemical sector with growing formulations. They are the fastest agrochemical company growing in FY20 in India. Also, their products folpet and thiocarbamate herbicide are famous in the whole world and they are the only manufacturer of such products in India.
Indian Pesticides have diversified clientele which includes crop protection product manufacturing companies like Ascenza Agro, Conquest Crop Protection Pty Ltd, Sharda Cropchem, and Stotras Pty Ltd.
Since the company established in 1984, they are in the production of herbicides, insecticides, fungicides technical, and also integrated API for pharma companies.
As per the date, they have their manufacturing plants in Lucknow, Sandila, and Hardoi.
Objectives of Indian Pesticides IPO
The company is going to use funds from fresh issues to increase their business and expand on large levels in India as their clientele is growing every year and their profits seem to be positives. Also, they are planning to set up new plants to increase production capacity and working capital requirements.
We are expecting Indian Pesticides IPO soon in the months of June – July 2021.
Also, Read – List of Upcoming IPOs in 2021.