India Pesticides
Mainboard₹800 Cr issue
+21.62%
Listing gain over issue price
Issue size
₹800 Cr
1 lot at cut-off
₹14,800
Lot size
50shares
Open
23 Jun 2021
Close
25 Jun 2021
Allotment
30 Jun 2021
Listing
05 Jul 2021
Listing performance
Issue price
₹296
Listed at
₹360
Listing-day close
₹343.15
Latest price
₹115.94
Close on 23 Oct 2026
Listing gain
+21.62%
Return since issue
-60.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jun 2021 – 25 Jun 2021
- Listing date
- 05 Jul 2021
- Face value
- ₹1 per share
- Issue price
- ₹296 per share
- Lot size
- 50 shares
- Total issue size
- ₹800 Cr
- Market cap at offer price
- ₹3,409 Cr
- Promoter holding
- 82.68% → 68.17% pre-issue → post-issue
- ISIN
- INE0D6701023
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 35-A, Civil Lines, Bareilly, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 81,08,107 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 50 shares per lot, in multiples, at ₹296
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹14,800 |
| Retail (max) | 13 | 650 | ₹1,92,400 |
| S-HNI (min) | 14 | 700 | ₹2,07,200 |
| S-HNI (max) | 67 | 3,350 | ₹9,91,600 |
| B-HNI (min) | 68 | 3,400 | ₹10,06,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
81,08,107
Anchor portion
₹240 Cr
at ₹296 per share
Valuation and performance
Valuation at offer price
₹296 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹3,409 Cr |
About India Pesticides
India Pesticides Limited was originally incorporated as a private limited company in Bareilly, Uttar Pradesh on December 13, 1984, and later acquired the rights and liabilities of India Pesticides partnership firm in 1987. It became a deemed public company in 1993 and was formally converted to a public limited company in 2003. The company manufactures agro-chemical Technicals (active ingredients) and Formulations used in pesticides, along with pharmaceutical intermediates (APIs). It is one of the fastest growing agro-chemicals manufacturers by volume, manufacturing 15,003 MT of Technicals in Fiscal 2021 with a 37.17% year-on-year growth rate. The company is the sole Indian manufacturer of five Technicals and among the leading global manufacturers for Captan, Folpet and Thiocarbamate Herbicide by production capacity. Revenue is generated primarily through the sale of agro-chemical Technicals and Formulations, with significant export operations to over 25 countries.
Company Analysis
from RHPIndia Pesticides Limited is an R&D-driven agro-chemical manufacturer of Technicals and Formulations, and a pharmaceutical intermediates producer operating in the crop protection and pharma intermediates sectors.
India Pesticides Limited was originally incorporated as a private limited company in Bareilly, Uttar Pradesh on December 13, 1984, and later acquired the rights and liabilities of India Pesticides partnership firm in 1987. It became a deemed public company in 1993 and was formally converted to a public limited company in 2003. The company manufactures agro-chemical Technicals (active ingredients) and Formulations used in pesticides, along with pharmaceutical intermediates (APIs). It is one of the fastest growing agro-chemicals manufacturers by volume, manufacturing 15,003 MT of Technicals in Fiscal 2021 with a 37.17% year-on-year growth rate. The company is the sole Indian manufacturer of five Technicals and among the leading global manufacturers for Captan, Folpet and Thiocarbamate Herbicide by production capacity. Revenue is generated primarily through the sale of agro-chemical Technicals and Formulations, with significant export operations to over 25 countries.
Agro-chemicalsCrop protection chemicalsPharmaceutical intermediates
Objects of the Issue
- Funding working capital requirements of our Company ₹800 million p.17
- General corporate purposes ₹152.21 million p.17
- Working capital requirements p.64
- General corporate purposes p.64
- Funding working capital requirements of our Company ₹800 million p.103
- General corporate purposes ₹152.21 million p.103
Issue Structure
- Total Issue
- ₹8,000 million (27,027,026 Equity Shares at ₹296 per share)
- Fresh Issue
- ₹1,000 million (3,378,378 Equity Shares)
- Offer for Sale
- ₹7,000 million (23,648,648 Equity Shares)
- Price Band
- ₹290 - ₹296 per Equity Share
- Lot Size
- 50 Equity Shares (Bid Lot)
- Face Value
- ₹1 per Equity Share
Business Model
The company manufactures agro-chemical Technicals and Formulations that are sold to multinational corporations and other customers for use in fungicides, herbicides and insecticides. It also manufactures pharmaceutical intermediates (APIs) used in pharmaceutical drugs. In Fiscals 2019, 2020 and 2021, the sale of agro-chemical Technicals and Formulations accounted for 99.87%, 99.65% and 99.03% of revenue from operations respectively. Export revenue constituted 50.13%, 62.12% and 56.71% of total revenue in these periods. The company sells directly to customers including multinational corporations who then integrate the products into their own formulations and distribute them globally.
Business Segments
Manufactures active ingredients used in fungicides, herbicides and insecticides; sold to multinational corporations for formulation into pesticide products; exported to over 25 countries
Manufactures finished pesticide formulations containing Technicals and auxiliaries for sale in India and export
Manufactures Active Pharmaceutical Ingredients used in the manufacture of pharmaceutical drugs
Manufactures technical-grade pesticides including active ingredients like chlorine, tetrahydro phthalic anhydride, carbon di sulphide, technical grade urea, di-n-propylamine and benzyl chloride used to produce formulations
Produces finished formulated crop protection products sold under brands TAKATVAR, IPL ZIRAM27, IPLDOLLAR, IPLGURU, IPLDIFEN, IPL SOLDIER; includes fungicides, herbicides and insecticides
Manufactures active pharmaceutical ingredients used in manufacture of pharmaceutical drugs
Manufactures generic fungicides (Folpet, Cymoxanil, Ziram, Captan) and herbicides (Thiocarbamate) for export to multinational crop protection companies, and active pharmaceutical ingredients (APIs) with applications in dermatological products.
Manufactures ready-to-use herbicide, insecticide and fungicide formulations (including Takatvar, IPL Ziram-27, IPL Dollar, IPL Soldier, IPL Guru) sold domestically through dealers and distributors.
Manufacture, formulation and sale of various agro-chemical products for pest and disease control in agriculture
Manufacture, sale and distribution of insecticides, fungicides, herbicides and various other agrochemical products
Manufactures generic Technicals that are used in the manufacture of fungicides and herbicides as well as APIs with applications in dermatological products. Key fungicide Technicals include Folpet and Cymoxanil. Major herbicide Technicals include Thiocarbamate herbicides used globally in field crops such as wheat and rice.
Manufactures and sells various formulations of insecticides, fungicides, herbicides, growth regulators and Acaricides, which are ready-to-use products. As of March 31, 2021, manufactures over 30 Formulations including Takatvar, IPL Ziram-27, IPL Dollar, IPL Soldier and IPL Guru.
SWOT Analysis
Strengths
- • Rapidly growing technical manufacturing capacity with strong volume growth(p.17)
- • Dominant manufacturing position in select products globally(p.17)
- • R&D-driven business model with successful new product commercialization(p.17)
- • Strong established relationships with multinational corporation customers over 10+ years(p.45)
- • Strong R&D and product development capabilities with DSIR-registered laboratories(p.142)
- • Diversified product portfolio across fungicides, herbicides, and APIs reducing business concentration risk(p.142)
- • Established long-term relationships with major multinational customers(p.142)
- • Advanced manufacturing facilities with ISO certifications and environmental management systems(p.141)
- • Strong financial performance with consistent revenue growth and profitability(p.144)
- • Sole Indian manufacturer of five Technicals and leading global manufacturer for key products(p.140)
- • Experienced promoter and management team with deep industry expertise(p.144)
- • Substantial domestic raw material sourcing reducing import dependence(p.143)
- • Strong R&D capabilities and innovation-driven business model(p.154)
- • Long-established relationships with multinational and regional customers(p.154)
- • Multiple ISO certifications for quality, safety, and environmental management(p.155)
- • Diversified export presence across 25+ countries(p.154)
- • Robust IT infrastructure supporting operations and supply chain(p.155)
- • No labour disputes or work stoppages in past five years(p.156)
- • Established manufacturing footprint with significant property, plant and equipment base(p.247)
- • Strong revenue growth trajectory across domestic and export markets(p.239)
- • Diversified product portfolio in agrochemicals including insecticides, fungicides, herbicides(p.242)
- • Significant profitability improvement with net profit nearly doubling year-over-year(p.239)
- • Dual manufacturing sites providing operational capacity and geographic diversification(p.242)
- • Balanced revenue mix between domestic and export markets(p.217)
- • Leading manufacturer of specialty agro-chemical technicals with significant market position globally(p.282)
- • Strong R&D capabilities with dedicated in-house laboratories and experienced team(p.282)
- • Rapid volume growth in technical manufacturing(p.282)
- • Strong revenue growth trajectory(p.297)
- • Established long-term customer relationships(p.282)
- • Low financial leverage and strong profitability metrics(p.303)
- • Expanding manufacturing capacity for herbicide technicals(p.283)
Weaknesses
- • High concentration of revenues from limited set of key customers(p.45)
- • Lack of diversification; over-reliance on agro-chemicals products(p.41)
- • Geographically concentrated manufacturing facilities in single region (Uttar Pradesh)(p.40)
- • No bio-pesticides manufacturing capability despite market growth(p.42)
- • Significant exposure to foreign exchange fluctuations without hedging(p.43)
- • Environmental compliance liabilities from past operations(p.38)
- • Dependence on distribution network for Formulations business(p.47)
- • Limited long-term customer agreements(p.51)
- • High dependence on few customer markets(p.51)
- • Dependency on key managerial personnel(p.52)
- • Concentrated manufacturing operations in Uttar Pradesh(p.53)
- • Rising receivables and credit risk(p.56)
- • High inventory holdings(p.58)
- • Pending litigation against Company and Directors(p.49)
- • Significant dependence on China for raw material sourcing(p.143)
- • High proportion of revenue from non-patented Technicals creates pricing pressure(p.142)
- • Manufacturing of products proposed for ban limits market growth(p.146)
- • Limited domestic market presence with heavy reliance on exports(p.140)
- • Dependence on limited customer base for significant revenue(p.154)
- • Geographic concentration of revenues in limited markets(p.154)
- • Unutilized CSR funds indicating implementation challenges(p.51)
- • Recently incorporated subsidiary with unproven operational track record(p.54)
- • Reliance on guarantees from promoter for bank facilities(p.163)
- • Concentrated shareholder ownership with promoter holding over 40% of equity(p.258)
- • Significant proportion of current assets tied up in trade receivables and inventory(p.238)
- • Reliance on secured working capital borrowings from banks(p.261)
- • Allowance for expected credit loss on trade receivables indicating collection risk(p.256)
- • Dependency on single operating segment with no geographic diversification beyond domestic and traditional exports(p.226)
- • High dependence on a limited number of customers(p.305)
- • Significant exposure to raw material cost fluctuations(p.287)
- • Exposure to product quality and regulatory compliance issues(p.310)
- • No hedging against foreign currency exposure(p.286)
- • Environmental liability from pesticide waste disposal affecting soil and groundwater(p.312)
- • Facility closure order due to hazardous waste and non-compliance(p.312)
- • Pending product registration applications with significant delays at CIBRC(p.317)
- • Criminal proceedings involving former director for alleged discharge of poisonous chemicals resulting in deaths(p.313)
- • Significant outstanding dues to creditors and material creditors(p.314)
- • Multiple approvals expiring within three years, requiring renewal risk(p.317)
- • Pending groundwater abstraction renewal application for Sandila facility(p.317)
Opportunities
- • Large market opportunity from patent expiry of multiple technical formulations(p.17)
- • Significant growth in India's crop protection chemical exports(p.17)
- • Growing bio-pesticides market with double-digit growth potential(p.42)
- • Use of IPO proceeds to fund working capital and expand operations(p.40)
- • Expansion of Formulations product portfolio(p.52)
- • Geographic expansion and new market entry(p.52)
- • Inorganic growth through strategic acquisitions(p.62)
- • Significant market opportunity from 19 Technicals expected to go off-patent between 2019-2026(p.144)
- • Global agrochemical market growth projection to US$ 86 billion by 2024(p.144)
- • India positioned to benefit from China plus one strategy and supply chain diversification(p.135)
- • Expansion of manufacturing capacity with MoEF approval for Sandila facility(p.145)
- • Growing domestic Indian crop protection market at 4% CAGR to 2024(p.144)
- • Government support through Aatmanirbhar Bharat and PLI schemes(p.119)
- • Herbicide market growing faster than insecticide segment globally(p.126)
- • Expand export markets and geographic presence(p.154)
- • Leverage new subsidiary for manufacturing capacity expansion(p.165)
- • Customize products to meet diverse customer specifications(p.154)
- • Strengthen IT infrastructure and supply chain management capabilities(p.155)
- • Expanding export markets with growing international demand for agrochemicals(p.226)
- • Rising domestic consumption driven by agricultural sector growth and farmer awareness(p.217)
- • Potential for capacity utilization improvements given capital work-in-progress investments(p.248)
- • Integration of backward and forward supply chain to improve margins(p.242)
- • Product innovation and portfolio expansion in specialty agrochemicals(p.242)
- • Growing global demand for crop protection chemicals, particularly herbicides and fungicides(p.285)
- • Significant growth potential in Indian agro-chemicals market(p.285)
- • Strong export growth trajectory and geographic expansion(p.285)
- • Development of new off-patent generic technicals(p.282)
- • Expansion into formulations with higher margins(p.297)
Threats
- • Risk of product bans due to regulatory restrictions on hazardous pesticides(p.46)
- • Seasonal and weather-dependent demand for agro-chemical products(p.41)
- • Adverse impact from climate change and weather patterns on agriculture(p.41)
- • Rising competition from bio-pesticide manufacturers(p.42)
- • Regulatory approval delays and registration rejections by CIBRC(p.32)
- • Foreign regulatory requirements and tariff/trade barriers in export markets(p.34)
- • Exposure to sanctions risk from sales to Iran(p.39)
- • Raw material price volatility and supply disruptions(p.50)
- • Intense competition from domestic and multinational corporations(p.51)
- • COVID-19 pandemic impact on operations(p.47)
- • Regulatory restrictions on imported raw materials(p.59)
- • Regulatory bans on key products(p.61)
- • Farmer resistance to chemical pesticides(p.61)
- • Alternative pest management adoption(p.57)
- • Government policy changes affecting agriculture demand(p.55)
- • Slowdown in Indian economy(p.66)
- • Monsoon and weather dependency(p.66)
- • Labour unrest and unionization risks(p.60)
- • Proposed ban on 27 pesticides including key products Ziram and Captan in India(p.134)
- • Volatility in raw material prices and supply chain disruptions from China(p.152)
- • Pest resistance to agrochemicals reducing product effectiveness(p.144)
- • Stringent regulatory compliance and registration requirements in developed markets(p.124)
- • Dependence on monsoon and agriculture cyclicality affecting domestic demand(p.142)
- • Intense competition from multinationals and consolidation in agrochemical industry(p.124)
- • Foreign exchange fluctuations affecting export-dependent revenue(p.140)
- • Intense competition from domestic and global competitors with greater resources(p.154)
- • Regulatory risks from pending pesticide banning orders(p.157)
- • Operational risks from manufacturing, storage and handling of hazardous chemicals(p.155)
- • Environmental compliance obligations under multiple acts(p.155)
- • Complex regulatory framework for agro-chemical manufacturing and distribution(p.157)
- • Insurance coverage may not be adequate for all potential losses(p.155)
- • Volatility in raw material costs affecting manufacturing profitability(p.217)
- • Foreign exchange risk from export-dependent business model with 57% revenue from exports(p.226)
- • Regulatory and environmental compliance requirements in agrochemicals manufacturing(p.219)
- • Agricultural sector cyclicality and monsoon dependency affecting demand(p.231)
- • Intense competition from larger multinational and domestic agrochemical manufacturers(p.230)
- • Exposure to credit risk from customer base with allowance for expected credit losses(p.256)
- • Sensitivity to foreign exchange fluctuations impacting export revenues(p.286)
- • Dependence on regulatory approvals and potential policy changes(p.287)
- • Susceptibility to adverse weather and seasonal variations(p.306)
- • Raw material supply chain risks and import dependency(p.287)
- • Competitive pressures in agro-chemicals industry(p.305)
- • Product liability and regulatory compliance risks from misbranding allegations(p.311)
- • Environmental and workers' health and safety regulatory compliance risks(p.313)
- • Regulatory action regarding product quality verification failure(p.312)
- • Legal exposure from employee death claim and labour dispute(p.312)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anand Swarup Agarwal | Promoter | 40.07% | — |
| ASA Family Trust | Promoter | 6.90% | — |
| Anand Swarup Agarwal | Promoter | — | — |
| Anand Swarup Agarwal | Promoter | 40.07% | — |
| PSA Family Trust | Promoter Group | 11.11% | — |
| Mahendra Swarup Agarwal | Promoter Group | 9.90% | — |
| ASA Family Trust | Promoter Group | 6.90% | — |
| MSA Family Trust | Promoter Group | 5.10% | — |
| Anand Swarup Agarwal | Promoter | 40.07% | — |
| ASA Family Trust | Promoter | 6.90% | — |
| Anand Swarup Agarwal | Promoter | 40.07% | — |
| Mahendra Swarup Agarwal | Promoter | 9.90% | — |
| PSA Family Trust | Promoter Group | 11.11% | — |
| ASA Family Trust | Promoter Group | 6.90% | — |
| MSA Family Trust | Promoter Group | 5.10% | — |
| Anand Swarup Agarwal | Promoter | — | — |
Leadership
Anand Swarup Agarwal · Chairman, Non-Executive Director, and Promoter
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
India Pesticides IPO FAQs
What is the lot size of India Pesticides IPO?
The minimum lot size of India Pesticides IPO is 50 shares. One lot costs ₹14,800 at the cut-off price.
When does India Pesticides IPO open and close?
India Pesticides IPO opened for subscription on 23 Jun 2021 and closed on 25 Jun 2021.
What is the listing date of India Pesticides IPO?
India Pesticides IPO listed on 05 Jul 2021.