India Pesticides shares have made a strong listing on the bourses. The shares of the agrochemicals company listed at Rs 360, a premium of 21.62 per cent on the BSE as against the issue price of Rs 296 and on the NSE, the shares listed at Rs 356.20, a premium of 20.34 per cent.
At 10:40 am, India Pesticides was trading at Rs 354.30, up 19.70 per cent on the BSE and at Rs 354.65, up 19.76 per cent on the NSE.
India Pesticides' Rs 800 crore IPO, which was open for bidding from June 23 to June 25, was subscribed 29 times. The share sale comprised a fresh issue of Rs 100 crore and an offer-for-sale (OFS) of Rs 281.4 crore by the promoter Anand Swarup Agarwal and Rs 418.6 crore by shareholders.
The company will utilise fresh issue proceeds of Rs 100 crore for its working capital requirements.
Started in 1984, India Pesticides is one of the leading agrochemicals companies in India. It manufactures herbicides, insecticides and fungicide formulations, and active pharmaceutical ingredients, and has two plants at UPSIDC industrial area at Lucknow and Sandila, Hardoi in Uttar Pradesh.
Axis Capital and JM Financial are the book running lead managers to the public offer, and KFin Technologies is the registrar to the issue.
India Pesticides' listed peers include Dhanuka Agritech, Bharat Rasayan, UPL, Rallis India and PI Industries.