India Pesticides IPO subscribed 32% on day 1, retail share booked 63%

India Pesticides IPO: Angel Broking sees upcoming growth knowing and increased skill utilisation as hiss drivers for the company in future.

June 23, 2021 / 06: 01 PM IST

The initial public providing (IPO) of India Pesticides has subscribed 1.29 cases on June 23, the first day of bidding. On the time of penning this copy, the general public advise of the agro-chemical producer bought bids for 2.49 crore equity shares against the IPO size of 1.93 crore equity shares.

The IPO size has been reduced by 81,08,107 equity shares to 1.93 crore equity shares after the company raised Rs 240 crore from anchor investors on June 22.

The share design apart for retail investors has been subscribed 2.51 cases and that of non-institutional investors 19 percent, the subscription facts on hand on the exchanges showed. Qualified institutional investors occupy keep in bids for 3,500 shares against their reserved share of 55.17 lakh shares.

Also read - India Pesticides IPO opens: 10 things to know earlier than subscribing the difficulty

The IPO of Rs 800 crore comprises a contemporary advise of Rs 100 crore and a guideline on the market of Rs 700 crore by existing selling shareholders including promoter Anand Swarup Agarwal.

The label band for the provide has been mounted at Rs 290-296 per fragment.

"FY21 PE of 24.5x and EV/EBITDA of 18.2x at the upper band of the IPO label makes it a small bit better than the peers. In an identical blueprint, the company has one amongst the ideal return on equity (ROE) & return on capital employed (ROCE) of 34 percent and 45 percent respectively," said Yash Gupta, Equity Research Affiliate at Angel Broking.

"The corporate has a wholesome balance sheet with negative earn debt to equity. We ask that the upcoming growth knowing and increased skill utilisation will be the growth drivers for the company in future. We are assigning a 'subscribe' suggestion to the difficulty," he added.

Also read - India Pesticides IPO opens this day: If you happen to subscribe?

India Pesticides is a analysis & pattern (R&D)-pushed agro-chemical producer of technicals with a rising formulations enterprise. It's a long way the quickest-rising agro-chemical company in India when it involves the volume of technicals manufactured.

In technicals, the company manufactures fungicide technicals, herbicides technicals for the export market. As for formulations, it manufactures insecticides, fungicides and herbicides, hiss regulators and acaricides for the home market.

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