Stocks to buy today IPO of agri chemical firm India Pesticides will open on 23rd June and close on 25th June. The company has fixed a price band of 290-296 per share for its Rs 800 crore IPO.
The IPO of agri chemical firm India Pesticides will open on June 23 and close on June 25. The company has fixed a price band of 290-296 per share for its Rs 800 crore IPO. On the other hand, Dodla Dairy’s IPO got 3.30 times more bids than the fixed size on Thursday, the second day of opening in the capital market. According to NSE data, the company received bid applications for 2,80,50,960 shares against the offer for sale of 85,07,569 shares under the IPO of Rs 520.17 crore.
India Pesticides said in a statement on Friday that anchor investors will be able to place bids for the shares on June 22. India Pesticides will issue fresh shares worth Rs 100 crore under the Rs 800 crore IPO. Promoter Anand Swaroop Agarwal will make a sale offer of Rs 281.4 crore. Other shareholders will offer shares worth Rs 418.6 crore.
What is India Pesticides’ plan?
The Uttar Pradesh-based company may consider pre-IPO placement of Rs 75 crore. For this, it will consult merchant bankers. The company said the proceeds from the new issue will be used for working capital requirements and for general corporate business.
Dodla IPO gray market
On the other hand, Dodla IPO received 28 per cent more applications for specified category of eligible institutional investors (QIBs), 60 per cent for fixed shares for non-institutional investors and 6.18 times more for reserve shares of retail investors (RII). The IPO comprises new shares of Rs 50 crore and offer for sale of 1,09,85,444 equity shares.
Where will the money be spent
The issue price has been fixed at Rs 421 to Rs 428 per share. South India’s top dairy company Dodla Dairy on Tuesday said it has raised a little over Rs 156 crore from anchor investors. The company will use the proceeds of the IPO to pay off certain debt, meet its capital expenditure requirements and for general corporate purposes.
Does business here
The company primarily operates in four states in the country – Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Its international business is in two countries, Uganda and Kenya.
