Research and development-focused agrochemical technical company, India Pesticides Limited (IPL), has filed its draft red herring prospectus (DRHP), a preliminary registration document. This Uttar Pradesh company has not decided on the price band and minimum bid lot yet.
About the IPL:
The public offer of this company comprises a fund raise via a fresh issuance of shares amounting to Rs 100 crore and Rs 700 crore through an offer-for-sale by promoter, Anand Swarup Agarwal (selling Rs 281 crore worth of share) and other selling shareholders (selling Rs 419 crore worth of share).
The company may decide to undertake a pre IPO placement of 75 crore, subject to consultation of the merchant bankers.
The company proposes to utilise the funds raised towards funding the working capital requirements and general corporate purposes.
IPL started operations in 1984 and has presence in herbicides, insecticides and fungicide segments and also manufactures APIs.
The company currently operates out of two manufacturing facilities out of Lucknow and Hardoi in Uttar Pradesh, which have 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 124 formulations for sale in India and 27 agro chemical Technicals and 34 formulations for exports purpose.
The revenue from operations has grown from Rs 2,532 million in fiscal 2018 to Rs 4,796.27 million in fiscal 2020 and was Rs 3,338.44 million in the six months ended September 30, 2020.
The revenue from operations has increased by 89.43 per cent from fiscal 2018 to fiscal 2020. It has grown at a CAGR of 38 per cent.
The net worth of the company stood at Rs 3,291.34 million, as of September 30, 2020.