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India Pesticides Limited IPO closes on 25th June subscribed 29 times; allotment to be finalised on 30 June

India Pesticides Limited IPO closes on 25th June subscribed 29 times; allotment to be finalised on 30 June

The India Pesticides Limited IPO, till 3.30 pm, was subscribed 29.04 times on its final day on Friday, 25 June. The portion reserved for the retail investors was subscribed 11.30 times. Qualified Institutional buyers subscribed their portion 42.95 times while the portion for non-qualified investors has been subscribed 51.88 times, according to MoneyControl.

Against the IPO size of 1.93 crore shares, bids for 56.07 crore equity shares were received. While the IPO was subscribed 1.29 times on Day 1, it was subscribed 3.79 times on the second day. The bookbuild issue type IPO has a face value of Re 1 per equity share.

On Wednesday, 30 June, the IPO allotment will be finalised. The listing of the IPO will be at BSE and NSE on 5 July. The India Pesticides Limited IPO opened on Wednesday, 23 June, and closed today on 25 June. The size of the IPO is Rs 800 crore. While the offer for sale (OFS) will raise Rs 700 crore, Rs 100 crore will come from fresh issues. After the issue, the stake of promoters will be reduced to 72 percent from 82.68 percent. The India Pesticides Limited IPO share was fixed at Rs 290 to Rs 296 and every lot of the IPO has 50 shares.

Investors can bid on a maximum of 13 lots, therefore, the maximum investment limit (for 13X50 shares of Rs 296 each) for traders is Rs 1,92,400. The minimum investment limit (for 50 shares at Rs 296 each) for India Pesticides Limited IPO is Rs 14,800. The funds raised through this issue are going to be used for general corporate purposes and to fulfil the working capital requirements.

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Anirudh Chandel

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