India Pesticides has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 800 crore through an initial public offering (IPO).
Proceeds of the fresh issue would be used towards funding the working capital requirements and general corporate purposes. Further, the company expects to receive the benefits of listing of the equity shares, including to enhance the visibility and brand image among the existing and potential customers. Axis Capital and JM Financial have been appointed as merchant bankers of the issue.
India Pesticides is an R&D focused agrochemical technical company, which has growing formulations business in herbicides, insecticides and fungicide segments. It also manufactures active pharmaceutical ingredients (APIs). It is the only Indian manufacturer and amongst the top five companies globally for several technical products such as folpet and cynomoxanil, used to make fungicides that control fungal growth across a variety of crops.
