India Pesticides Limited IPO - should you apply for this IPO??


India Pesticides Limited IPO




About India Pesticides

  • India Pesticides was incorporated in 1984 and it is one of the leading agrochemical manufacturers in India.
  • The company operates in two business verticals: Formulation and Technicals. The company also manufactures active pharmaceutical ingredients (APIs). They have recorded 37% YoY growth in Technicals manufacturing (by volume) between Fiscal 2020 and Fiscal 2021. 
  • IPL is the only company in India that manufactures Technicals like Folpet, Thiocarbamate, and Herbicide (in terms of production capacity). It manufactured 15,003 MT of Technicals in the Apr-Mar 21 period. 
  • The company has a strategic focus on R&D. Its R&D capabilities include two well-equipped in-house laboratories registered with the DSIR.
  • The Technicals that the company manufacturers are mainly exported, of its total revenue, 56% comes from export. 
  • The company exports its product to 25 different countries including Australia and other countries in North and South America, Asia as well as Europe.
  • IPL has registrations and licenses for 22 agrochemical technicals and 125 formulations for sale in India, and 27 agrochemical technicals, and 35 formulations for export purposes. 

Products

  • Under Technicals, the company produces Cymoxanil Technical, Captan Technical, Ziram Technical, and Folpet Technical as fungicides. Herbicides produced are Prosulfocarb Technical and Thiocarbamete Family.
  • Under formulations, the company has a number of products under Acaricide, Fungicides, GRowth Regulator, Insecticides.
  • The two APIs company produces are Anti-Scabies Drugs and Anti-Fungal Drugs.

Competitive Strengths


  • Among the top 5 global players of Folpet, Thiocarbamate, and Herbicide Technicals.
  • Diversified product portfolio with specialized products.
  • Domestic as well as international market presence.
  • Consistent track record of financial performance.
  • Strong Research & Development (R&D) capabilities.


Company Promoters


Anand Swarup Agarwal and the ASA Family Trust are the company promoters.


Objects of the Issue


  • To finance the working capital requirements of the company.
  • To meet general corporate purposes.

Financials


IPO Details

  • The issue opens – June 23 (Wednesday)
  • The issue closes – June 25 (Friday)
  • Issue size – Rs 800 crores
  • Price band – Rs 290 to 296 per equity share
  • Bid lot – 50 shares and in multiples thereof
  • Issue size: Rs 800 crores


Issue break-up


  • QIB – 50% of the offer – Rs 400 crores

  • NIB – 15% of the offer – Rs 120 crores

  • RET – 35% of the offer – Rs 280 crores



Should you subscribe?

Yes, for listing gain, as the market is in an uptrend which can be hit this IPO on a positive note, but only apply for 1 or 2 lots not more than that.



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