Nova Agritech IPO Opens: Check Subscription Status, GMP Today.
Unlisted shares of Nova Agritech Ltd proceed to commerce Rs 20 greater within the gray market, which is a 48.78 per cent itemizing acquire from the general public concern
Nova Agritech IPO: The preliminary public providing (IPO) of agricultural inputs producer Nova Agritech Ltd, which opened for public subscription on Tuesday, January 23, is receiving an awesome response from buyers. Till 6:27 pm on the primary day of bidding, the Rs 143.81-crore acquired 10.28 instances subscription, garnering bids for 25,23,49,320 shares as in opposition to 2,45,52,985 shares.
The IPO will stay opened January 25. The provide raised a bit over Rs 43 crore from anchor buyers, days earlier than its preliminary public providing (IPO). The firm allotted 1.05 crore fairness shares at Rs 41 apiece to anchor buyers, in response to a round uploaded on BSE’s web site.
The retail class has been subscribed 8.83 instances, whereas the non-institutional investor (NII) quota has been subscribed 6.65 instances.
Nova Agritech IPO GMP Today
According to market observers, unlisted shares of Nova Agritech Ltd proceed to commerce Rs 20 greater within the gray market as in contrast with its concern worth. The Rs 20 gray market premium or GMP means the gray market is anticipating a 48.78 per cent itemizing acquire from the general public concern. The GMP relies on market sentiments and retains altering.
‘Grey market premium’ signifies buyers’ readiness to pay greater than the difficulty worth.
Nova Agritech IPO Details
The Rs 144-crore preliminary share-sale will open for public subscription on January 22 and conclude on January 24. The firm has set a worth band of Rs 39 to Rs 41 per share for the difficulty.
The IPO contains contemporary concern of fairness shares price as much as Rs 112 crore and a suggestion-for-sale (OFS) element of 77.58 lakh fairness shares by a shareholder Nutalapati Venkatasubbarao, who owns 11.9 per cent stake within the firm.
Proceeds from the contemporary concern price Rs 14.20 crore will probably be utilised for funding in its subsidiary Nova Agri Sciences for organising a brand new formulation plant, Rs 10.49 crore for funding capital expenditure by Nova Agritech and in direction of growth of its current formulation plant.
It will even use Rs 26.65 crore for funding of working capital necessities of Nova Agritech and Rs 43.36 crore for funding in Nova Agri Sciences for funding working capital necessities. Besides, a portion will probably be used for normal company functions.
At the higher-finish of the worth band, the maiden public concern is predicted to mobilise Rs 143.81 crore. Incorporated in 2007, the agency manufactures, distributes and markets a variety of product classes consisting of soil well being administration merchandise, crop diet, bio stimulant, bio pesticide, built-in pest administration (IPM) merchandise and crop safety merchandise.
Keynote Financial Services Ltd and Bajaj Capital Ltd are the e-book working lead managers to the difficulty.
(The story and headline have been up to date with the newest subscription and GMP information until 6:27 pm on January 23)
