Primary market issuances are coming aplenty and many of them are listing at a premium, India Pesticides is one of them.
On NSE, India pesticides is settled at Rs 350 per share and on BSE at Rs 360 per share. That is indicating a listing premium of around 21 percent, in line with what the grey market premium was suggesting.
The Rs 800 crore IPO was subscribed around 29 times overall, 43 times as far as QIBs are concerned and retail subscription was at 11.5 times.
The company already raised Rs 240 crore from anchor investors. At this price, at the higher band, the market capitalization would be around Rs 3,400-3,500 crore.
The objective of the issue was to fund their working capital requirement of Rs 80 crore and also for general corporate purposes.
Post this particular IPO, the promoter shareholding will come down to 72 percent.
Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.