Representational image/IPO
Representational image/IPO

The initial public offer of India Pesticides Limited was subscribed 3.79 times on the second day of subscription on Thursday.

The Rs 800-crore IPO received bids for 7,32,14,550 shares against 1,93,10,345 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) was subscribed 2.31 times while the category for non-institutional investors was subscribed 91 per cent. The category for Retail Individual Investors (RIIs) was subscribed 5.87 times.

The initial public offer comprises a fresh issue of Rs 100 crore and an offer for sale of Rs 700 crore. The price band is Rs 290-296 per share.

On Tuesday, India Pesticides raised Rs 240 crore from anchor investors.

Proceeds from the fresh issue would be used towards funding the working capital requirements and general corporate purposes.

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.

Axis Capital Limited and JM Financial Limited are the managers to the offer.

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