The initial public offering (IPO) of India Pesticides, one of India’s leading agrochemical manufacturers, has been subscribed 4.79 times so far on June 25, the last day of the bidding process.

The public issue received bids for 9.25 crore equity shares against the IPO size of 1.93 crore equity shares.

The portion set aside for retail investors has been subscribed 7.40 times while the part for non-institutional investors has been subscribed 1.90, according to the subscription data available on the exchanges till 11:30 am. Qualified institutional investors’ (QIPs) portion received 2.38 times subscription.

The IPO size was reduced to 1.93 crore equity shares after the company raised Rs 240 crore from anchor investors on June 22.

The price band for the offer has been fixed at Rs 290-296 per equity share. The issue closes on Friday. Proceeds from the fresh issue would be used towards funding the working capital requirements and general corporate purposes.

The Rs 800-crore public issue includes a fresh issue of shares worth Rs 100 crore and an offer for sale of shares worth Rs 700 crore by promoters and shareholders.

Given the company’s strong R&D capabilities, diversified product portfolio, positioning in the industry, loyal customer base, reasonable valuations, and healthy financials, analysts have given a ‘subscribe’ rating to the IPO.

“With company’s focus on increasing its product portfolio, expanding geographical presence, onboarding more customers for newer molecules apart from molecules which are under implementation and already lined up as some of them will be going on stream sometime in Sept-Oct, prospects of the company look strong,” said Hem Securities.The brokerage recommends ‘subscribe’ on the issue both for listing gain and long-term purposes.