IPO update: India Pesticides

India Pesticides came out with its IPO around 10 weeks ago. You can find Value Research's IPO analysis here. In this article, we focus on the IPO's performance, post-IPO events and changes in valuations since then. Our analysis of the IPO We gave a score of 17 out of 27 to this agrochemical manufacturer when it came out with the IPO. The score was based on the company's growth capacity, R&D capabilities and industry tailwinds. In FY21, 56.7 per cent of the company's revenue came from exports, which showcases the company's strong international exposure. The company is the sole manufacturer of five technicals that are pure active ingredients used to manufacture formulations and a global leader in the manufacturing of some herbicides and fungicides. The company operates two business verticals - technicals and formulations. While the technicals vertical manufactures fungicides, herbicides and active pharma ingredients for dermatological products, the formulation vertical manufactures growth regulators (used to modif