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Subscribe to India Pesticides: Hem Securities

Hem Securities has come out with its report on India Pesticides. The research firm has recommended to ''Subscribe'' the ipo in its research report as on June 21, 2021.

June 22, 2021 / 02:42 PM IST
IPO | Representative image

IPO | Representative image

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Todays L/H

Hem Securities IPO report on India Pesticides

India Pesticides is an R&D driven agro-chemical manufacturer of Technicals with a growing Formulations business, and is one of the fastest growing agro-chemical companies in terms of volume of Technicals manufactured. IPL is bringing the issue at price band of Rs 290-296 per share at p/e multiple 25 on post issue FY21 eps basis. We like the financial performance posted by company with healthy balance sheet status. As 19 Technicals are expected to go off-patent between 2019 and 2026 and an opportunity size of over US$ 4.2 billion is expected due to this by 2026 which company is well poised to cater. As for its technical product, company is globally cost competitive which helps company in posting superior margins. With company’s focus on increasing its product portfolio , expanding geographical presence, onboarding more customers for newer molecules apart from molecules which are under implementation & already lined up assome of them will be going on stream sometime in Sept /Oct , future prospects of company looks strong.

Valuation and Outlook

Hence we recommend “Subscribe” on issue both for listing gain & long term purpose.

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