On the second day, India Pesticides Limited’s initial public offer (IPO) was subscribed 3.79 times on Thursday.

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The IPO worth Rs 800-crore received bids for 7,32,14,550 shares against 1,93,10,345 shares on offer, as per National Stock Exchange data.

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The Qualified Institutional Buyers (QIBs) category subscribed 2.31 times while the non-institutional investors subscribed 91 per cent, and the category for Retail Individual Investors (RIIs) subscribed 5.87 times on Thursday.

The IPO with a price band of Rs 290-296 per share has the last day today to subscribe before listing on the exchanges, and it comprises a fresh issue of Rs 100 crore and an offer for sale of Rs 700 crore. 

The agrochemical company raised Rs 240 crore from anchor investors on Tuesday. Axis Capital Limited and JM Financial Limited are the managers to the offer.

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

While explaining about the India Pesticides IPO, Zee Business Managing Editor Anil Singhvi said that investors willing to put money in this issue can get reasonable listing gains, and expect a listing gain between 20 and 30 percent, as investors can subscribe the shares with a long-term view.

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 cymoxanil, used to make fungicides that control fungal growth across a variety of crops.