Saturday, June 3, 2023

India Pesticides: Stock of India Pesticides closes listing day with 16% gain over IPO


Mumbai: Shares of agrochemical technical company India Pesticides ended up 16% at Rs 343.15 on its market debut on Monday after listing at a 21.6% premium. Analysts do not recommend fresh purchases as valuations are rich.

The stock listed at Rs 360 on the BSE compared to its issue price of Rs 296 per share and rose to a high of Rs 368.

“If one has a short term view, profits can be booked…it has healthy margins with a debt-free balance sheet but I would not advise fresh buying at current levels as the PE multiple is already 22 times on FY22 estimates. The listing was strong as the IPO was priced well,” said Geetanjali Kedia, senior analyst,

The Rs 800-crore IPO, which was sold from June 23 to 25, was subscribed 29.04 times. The quota reserved for qualified institutional buyers (QIBs) was subscribed 42.95 times while the shares reserved for non-institutional investors (NIIs) were subscribed 51.88 times. The retail quota saw 11.3 times subscription.

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