Jaipur-based B2B agrochemical products manufacturing company Advance Agrolife has filed preliminary papers with the SEBI on March 31, to raise funds via initial public offering.
The initial share sale comprises of solely fresh issue of up to 1.92 crore equity shares with no offer-for-sale component.
The main objective to tap capital markets is to raise funds for its working capital requirements which will be Rs 135 crore. And the remainder IPO funds will be utilised for general corporate purposes.
Advance Agrolife that manufactures a wide range of agrochemical products to support the entire lifecycle of crops competes with listed entities like Dharmaj Crop Guard, Insecticides India, and Heranba Industries.
It has received 404 generic registrations comprising of 376 formulation grade registration and 28 technical grade registration for the agrochemicals.
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The financial performance recorded in the past years has been healthy. Profit for the fiscal 2024 grew by 66.3 percent to Rs 24.7 crore and revenue increased by 14.6 percent to Rs 455.9 crore compared to previous fiscal. Profit in six months period ended September 2024 stood at Rs 21.44 crore on revenue of Rs 299.3 crore.
Choice Capital Advisors will be the merchant banker appointed for handling the public issue.
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