India Pesticides IPO
India Pesticides IPO — date, price band, lot size & details 2021
India Pesticides listed on 5 Jul 2021 at ₹350, 18.2% above the ₹296 issue price.
India Pesticides makes agrochemical technicals and formulations, and is the sole Indian maker of five technicals. Its total income was Rs 655.38 crore in FY2021.
Stock price
India Pesticides is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 23 Jun 2021
- Close 25 Jun 2021
- Allotment 30 Jun 2021
- Refund/credit 01 Jul 2021
- Listing 05 Jul 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 25 Jun, 2021 |
|---|---|
| Price Band | ₹290 – ₹296 |
| Face Value | ₹1 |
| Lot Size | 50 Shares |
| Issue Size | ₹800 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,800 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 50 shares at the ₹296 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹14,800 |
| Retail (max) | 13 | 650 | ₹1,92,400 |
| S-HNI (min) | 14 | 700 | ₹2,07,200 |
| S-HNI (max) | 67 | 3,350 | ₹9,91,600 |
| B-HNI (min) | 68 | 3,400 | ₹10,06,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 346.04 crore in FY2019 to Rs 655.38 crore in FY2021.
- 02Profit after tax rose from Rs 43.92 crore in FY2019 to Rs 134.51 crore in FY2021.
- 03Technicals output grew 37.17% by volume between Fiscal 2020 and Fiscal 2021, to 15,003 MT.
- 04Total borrowing was only Rs 30.30 crore on 31 March 2021, against net worth of Rs 389.48 crore.
- 05The pre-issue P/E was 24.61 at the upper band of Rs 296, based on FY2021 EPS of Rs 12.03.
- 06As the sole Indian maker of five technicals, it has a niche in exports to 20+ countries.
Risks · 5
- 01Rs 700.00 crore of the Rs 800 crore issue was offer for sale, so most of the money went to selling shareholders.
- 02Both of its 2 plants are in Uttar Pradesh, so a local disruption could hit output.
- 03Exports made up 62% of technicals revenue in Fiscal 2020, which adds currency and foreign regulatory risk.
- 04Profit after tax of Rs 134.51 crore on income of Rs 655.38 crore in FY2021 was a sharp jump, and margins at that level may not hold.
- 05Promoters and the promoter group held 82.68% before the issue and 68.17% after it.
Three years of numbers
All figures in ₹ crore, as reported in the India Pesticides offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 517.06 | 365.70 | 317.24 |
| Total Income | 655.38 | 489.73 | 346.04 |
| Profit After Tax | 134.51 | 70.80 | 43.92 |
| EBITDA | 189.49 | 103.66 | 70.63 |
| NET Worth | 389.48 | 256.84 | 187.02 |
| Reserves and Surplus | 378.32 | 253.66 | 183.84 |
| Total Borrowing | 30.30 | 28.04 | 61.06 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the India Pesticides RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
India Pesticides IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹12.03 | ₹11.68 |
| P/E Ratio (x) | 24.61 | 25.34 |
| Market Cap at Offer Price (₹ Cr) | ₹3,309.64 | ₹3,408.82 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹296 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹95.22 Cr of the issue is earmarked to named objects.
About the company
It is the sole Indian maker of five technicals and among the leading makers globally of Captan, Folpet and Thiocarbamate herbicide by production capacity. It made 15,003 MT of technicals in Fiscal 2021, with 37.17% growth in technicals volume over Fiscal 2020.
Technicals are mostly exported, to countries in Australia, Asia, Africa and Europe. Customers include Syngenta Asia, UPL, Ascenza Agro, Conquest Crop Protection and Sharda Cropchem. Its two plants are at Dewa Road in Lucknow and at Sandila in Hardoi, Uttar Pradesh.
The IPO was Rs 800 crore, with Rs 100.00 crore of fresh issue and Rs 700.00 crore of offer for sale. Rs 80.00 crore of the proceeds was planned for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
India Pesticides IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of India Pesticides?
The current Grey Market Premium is ₹0.
What is the India Pesticides IPO price band?
₹290 to ₹296, on a face value of ₹1.
When is the allotment?
The basis of allotment is 30 June 2021, with listing on 5 July 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
