India Pesticides Limited (IPL), a R&D driven one of the fastest growing agro-chemicals company and manufacturer of Technicals and APIs, has raised Rs. 240 crores from 12 anchor investors a day prior to its issue opening. The company informed the bourses that it has allocated 81,08,107 shares at Rs. 296 per share on June 22, 2021 to anchor investors.

Six Foreign Portfolio Investors who participated in the anchor were Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara and BNP Paribas. These investors were allocated a total of 24,49,335 shares for approximately Rs 72.50 crores.

Amongst the domestic investors, SBI Mutual Fund and Nippon Mutual Fund picked up the largest allocations of 27.08% and 16.67% respectively for approximately Rs 105 crs, across their various schemes.

Other domestic institutions who were allocated shares were - Tata Mutual Fund, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company and Winro Commercial India. These investors were allocated a total of 21,11,522 shares for approximately Rs 62.50 crores.

The company currently operates out to 2 manufacturing facilities out of the Lucknow and Hardoi in Uttar Pradesh having an aggregate capacity of 19,500 MT for Technicals and 6,500 MT for the Formulations vertical. It currently has registrations and licenses for 22 agro-chemical Technicals and 125 Formulations for sale in India and 27 agro chemical Technicals and 35 Formulations for exports purpose and 2 APIs.

The total offer size is up to Rs. 800 crores with a Fresh Issue of Equity Shares, aggregating up to Rs. 100 crores and an offer for sale of equity shares aggregating up to Rs. 700 crores, by the selling shareholders. The company intends to utilize the proceeds from the Fresh Issue to fund its working capital requirements and for general corporate purposes.