KPR Agrochem, an agri-input Company has launched its initial public offer (IPO) with a price band between Rs 59 & Rs 61 to raise Rs 283 crore. The initial public offer will consist of a fresh issue aggregating up to Rs 210 crore & an Offer for Sale of 1.2 crore equity shares for equity shares of face value of Rs 10 each, according to reports. The funds raised will be utilized for repayment as well as prepayment of loans & also for working capital. The IPO will open for subscription on 28th June 2019 (Friday) and close on 2nd July. The equity shares are proposed to be listed on the BSE & NSE.
It must be noted that the equity shares in an initial public offering are given at a discount of Rs. 3 each to the retail investors as well as eligible employees.
Executive Director of KPR Agrochem Raja Sekhar Reddy, said with the government’s focus on farming sector, the company expects good growth with adequate working capital from the initial public offering.
The QIB & non-institutional investor categories will be of 25% and 3% and the retail portion will be not less than 40%. The IPO also comprises a reservation of up to 4.3 lakh equity shares for eligible workers or staff.
Recently the promoters sold off a non-core caustic soda project to Grasim Industries with focus on its core competency of agriculture inputs.
Andhra Pradesh-based KPR Agrochem’s is an agri-input company that basically focuses on manufacturing, distribution & retailing of a broad range of crop yield enhancing & protection products. Their products range from seeds to crop nutrients products to crop protection products & also veterinary feed supplements.
With the intention of securing the supply of sulphuric acid (one of the key ingredients for its various products) – the Company has ventured into manufacturing of sulphuric acid.
