India Pesticides files IPO papers with Sebi, targets to elevate Rs 800 crore

India Pesticides will utilise derive new venture proceeds for funding working capital requirements and overall corporate functions.

February 10, 2021 / 01: 27 PM IST

Uttar Pradesh-basically based agrochemical technicals firm India Pesticides filed draft red herring prospectus with the capital market regulator for its preliminary public offering on February 8.

The firm targets to elevate Rs 800 crore by its public venture which consists of a new venture of Rs 100 crore and a proposal for sale of Rs 281.4 crore by promoter Anand Swarup Agarwal and Rs 418.6 crore by selling shareholders.

The firm and its selling shareholder could additionally, in consultation with the book running lead managers, retain in thoughts a extra pre-IPO placement venture of Rs 75 crore. If the pre-IPO placement takes set, the brand new venture size will net diminished accordingly.

India Pesticides will utilise derive new venture proceeds for funding working capital requirements and overall corporate functions.

It is miles an R&D driven agro-chemical producer of technicals with a growing formulations trade. It became once amongst the quickest growing agro-chemical companies in India by manner of volume in FY20, as per F&S File.

India Pesticides at the 2nd operates 2 manufacturing products and services in Lucknow and Hardoi in Uttar Pradesh having an aggregate ability of 19,500 MT for technicals and 6500 MT for the formulations vertical. it at the 2nd has registrations and licenses for 22 agro-chemical technicals and 124 formulations for sale in India and 27 agro chemical technicals and 34 formulations for exports reason.

It is miles additionally the one Indian producer and amongst top 5 producers globally for lots of technicals, equivalent to, Folpet and Thiocarbamate Herbicide. Since incorporation in 1984, it has barely a pair of into manufacturing herbicide and fungicide technicals and energetic pharmaceutical design (APIs). It additionally manufactures herbicide, insecticide and fungicide formulations.

India Pesticides' technicals are basically exported and revenue generated from exports contributed to 62.12 p.c and 65.73 p.c of revenue from operations in FY20 and the six months ended September 2020, respectively. As of September 2020, its technicals are exported to over 20 worldwide locations in conjunction with Australia and other worldwide locations in Europe, Asia and Africa.

Axis Capital and JM Monetary are appointed because the book running lead managers to the venture.

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