India Pesticides IPO subscription on first day: Offer subscribed 1.29 times on Day 1; Check last date and other key details

India Pesticides Limited's initial public offer (IPO) was fully subscribed which is 1.29 times on the first day on Wednesday. The Rs 800 crore IPO is open till June 25.

According to the data available on National Stock Exchange, the IPO received bids for 2,49,77,800 shares against 1,93,10,345 shares on offer.  The non-Institutional Investors subscribed 19 per cent and those for retail individual investors(RIIs) subscribed 2.51 times on Wednesday.

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The initial offer comprises a fresh issue of Rs 100 crore and an offer for sale of Rs 700 crore and the price range for the offer of the agrochemical company is Rs 290-296 per share. Axis Capital Limited and JM Financial Limited are the managers of the offer.

The company has raised Rs 240 crore from anchor investors, India Pesticides said on Tuesday, a day before opening its bid for IPO.

The proceeds from the fresh issue would be used towards funding the working capital requirements and general corporate purposes.

India Pesticides is an R&D-focused agrochemical technical company, which has growing formulations business in herbicides, insecticides, and fungicide segments. It also manufactures active pharmaceutical ingredients.

It is the only Indian manufacturer and amongst the top five companies globally for several technical products such as folpet and cynomoxanil, used to make fungicides that control fungal growth across a variety of crops.

India Pesticides currently operates two manufacturing facilities at Lucknow and Hardoi in Uttar Pradesh.