India Pesticides Limited made a stellar debut on the stock exchanges today, as domestic markets surged larger amid bullish market place momentum. Shares of the agrochemical firm listed at Rs 360 per share, up 21.62% or Rs 64 from the situation cost of Rs 296 per share. India Pesticides Limited (IPL) is a analysis-driven agrochemical manufacturer of Technicals with a expanding Formulations business enterprise. It is one of the quickest-expanding agrochemicals businesses in terms of volume of Technicals manufactured. The enterprise had a market place capitalization of Rs 4,one hundred crore as shares started trading for the very first time.
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The initial public supplying (IPO) of India Pesticides was subscribed 29 occasions general last month. Retail investors bid for 11.3 occasions the portion reserved for them even though non-institutional investors (NII)bid for 51 occasions the reserved quota. Qualified institutional purchasers (QIB) bid for the IPO 42 occasions. With all 3 portions oversubscribed, the demand for the public situation was higher. Investors had been eligible to bid for shares in multiples of 50 equity shares of face worth Re 1 per share. At the upper finish of the cost band, this translated to a minimum investment of Rs 14,800.
India Pesticides IPO was a mix of an provide for sale (OFS) worth Rs 700 crore and a fresh situation of equity shares worth Rs one hundred crore. Post situation the promoter shareholding in the enterprise will drop to 59.7% from 82.7%. The public shareholding will improve to 40.3% from 17.3% pre-IPO, according to HDFC Securities.
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“We like IPL given its presence in the fast-growing agrochemical space, diversified product portfolio and robust financials,” domestic brokerage and analysis firm Motilal Oswal stated in an IPO note. They added that powerful R&D, extended term relations with MNCs, expense competitiveness and in depth distribution network are some of the other important positives for India Pesticides. Motilal Oswal discovered the IPO to be “reasonably valued” at 25.3x FY21 P/E on a post situation basis, when compared to peers and had a “subscribe” rating on the IPO. India Pesticides will join peers such as UPL, PI Industries, Sumitomo Chemicals, Rallis, and Dhanuka Agritech on the stock exchanges.