India Pesticides Limited (IPL), a R&D driven one of the fastest growing agro-chemicals company and manufacturer of Technicals and APIs; received bids of 56,07,20,800 shares against the offered 1,93,10,345 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 11.30 times and the Non-Institutional Investor category was subscribed 51.88 times, While the Qualified Institutional Buyer category was subscribed 42.95 times.

The total size of the offer is Rs. 800 crores at the upper price band of Rs. 296 per share.

The company raised Rs. 240 crores through 12 anchor investors. Key brokerage houses like Angel Broking, Anand Rathi, Antique, Motilal Oswal, Prabhudas Lilladher and ICICI Direct have given recommendations of "Subscribe" to the issue for long term perspective.

The world population is estimated to be growing at the rate of 70 to 80 million per year which has led to higher demand for food crops for which advanced agricultural practices are necessary. The global agrochemicals market was valued at US$62.5 billion in 2019 and is forecast to reach US$86 billion by 2024 growing at a CAGR of 6.6%. Indian crop protection chemicals exports have grown at 9% CAGR between 2015 and 2019. The actual export contribution of crop protection chemicals was 50% of total domestic production (by value) in 2019. Exports are projected to grow to ~55% in 2024, in terms of value. In 2024, exports are expected to grow to US$3.1 billion contributing 55% of total domestic production, which is expected to be valued at US$5.7 billion. Analysts believe that favourable industry dynamics along with strong track record of the company augur well for investors.

Axis Capital Limited and JM Financial Limited are the BRLMs to the Offer.