Stock of India Pesticides closes itemizing day with 16% earn over IPO

Mumbai: Shares of agrochemical technical company India Pesticides ended up 16% at Rs 343.15 on its market debut on Monday after itemizing at a 21.6% top rate. Analysts attain no longer counsel sleek purchases as valuations are rich.

The stock listed at Rs 360 on the BSE when in contrast to its jam tag of Rs 296 per fragment and rose to a excessive of Rs 368.

“If one has a fast term look, earnings can even be booked…it has healthy margins with a debt-free balance sheet nonetheless I'd no longer issue sleek procuring at most modern ranges because the PE multiple is already 22 instances on FY22 estimates. The itemizing used to be sturdy because the IPO used to be priced smartly,” acknowledged Geetanjali Kedia, senior analyst,

The Rs 800-crore IPO, which used to be sold from June 23 to 25, used to be subscribed 29.04 instances. The quota reserved for qualified institutional investors (QIBs) used to be subscribed 42.95 instances whereas the shares reserved for non-institutional investors (NIIs) had been subscribed 51.88 instances. The retail quota seen 11.3 instances subscription.

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