India Pesticides Ltd collected 240 crore from 12 anchor investors on Tuesday, ahead of its first public offering (IPO) on June 23.
A total of 2.45 million equity shares worth about 72.50 crore were granted to six international portfolio investors: Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara, and BNP Paribas.
SBI Mutual Fund and Nippon Mutual Fund received the highest allocations from domestic investors, with 27.08 percent and 16.67 percent, respectively, for roughly 105 crore spread over their different schemes.
Tata Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company, and Winro Commercial India were among the domestic institutions that received shares, with a total of 2.11 million shares valued at roughly 62.50 crore.
Institutional investors who are offered shares in an initial public offering (IPO) before it opens are known as anchor investors.
Anand Swarup Agarwal, the promoter, is selling 281.4 crore worth of shares.
The overall offer amount of 800 crore includes a new issuance of 100 crore and a sale offer by the selling shareholders of 700 crore. Anand Swarup Agarwal, the promoter, is selling 281.4 crore worth of shares, while other selling shareholders are selling 418.6 crore worth of shares.
The proceeds from the new issuance will be used to meet the company’s working capital needs as well as for other corporate purposes.
The Offer’s Price Band has been set at 290 to 296 per Equity Share. Bids can be placed for a minimum of 50 equity shares and then in multiples of 50 equity shares.
India Pesticides is one of the country’s leading agrochemicals companies.
India Pesticides is one of the country’s leading agrochemicals companies, with manufacturing facilities in Lucknow and Hardoi, Uttar Pradesh, with a combined capacity of 19,500 MT for technicals and 6,500 MT for formulations.
The company has registrations and licences for 22 agrochemical technicals and 125 formulations for sale in India, as well as 27 agrochemical technicals and 125 formulations for export.