Agrochemical company India Pesticides has raised Rs 240 crore from 16 anchor investors on June 22, a day ahead of IPO opening.
The company informed exchanges that it has finalised allocation of 81,08,107 equity shares to anchor investors including FPIs, mutual funds, and insurance companies, at a price of Rs 296 per share.
Foreign portfolio investors which participated in the anchor book were Abu Dhabi Investment Authority (ADIA), Integrated Core Strategies, Tara Emerging Asia, and BNP Paribas.
Amongst the domestic investors, SBI Mutual Fund, Nippon Mutual Fund, Bajaj Allianz Life Insurance, and Bharti Axa Life Insurance also picked up stake in the company.
Also read - India Pesticides IPO: 10 things to know before subscribing the issue
India Pesticides is the sole Indian manufacturer of five Technicals and among the leading manufacturers globally for Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity.
The company currently operates two manufacturing facilities having an aggregate capacity of 19,500 MT for Technicals and 6,500 MT for the Formulations vertical.
Also read - India Pesticides IPO: Shares trades at 34% premium in grey market
The Rs 800-crore public issue will open for subscription on June 23 and will close on June 25. The offer comprises a fresh issue of Rs 100 crore, and an offer for sale of Rs 700 crore by the selling shareholders. The company will utilise net proceeds from fresh issue for working capital requirements and for general corporate purposes.
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Axis Capital and JM Financial are the book running lead managers to the offer.
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