Nova AgriTech is set to finalize the basis of allotment for its recent initial public offer (IPO) on Monday, January 29. This crop nutrition player had received a strong response from investors during the bidding process, leading to a subscription of 109.37 times, with the issue price band fixed at Rs 39-41 per share. The company managed to raise approximately Rs 143.81 crore from its primary route, including a fresh share sale of Rs 112 crore and offer-for-sale (OFS) of up to 77.58 lakh equity shares.
Brokerage firms were mostly positive on the Nova AgriTech IPO, with analysts praising the company’s strong business model, focus in the agri sector, margins and scope for expansion. However, some were sceptical due to rich valuations and geographical concentration. Despite this, the grey market premium (GMP) of Nova AgriTech rose, suggesting the company was commanding a premium of Rs 23 per share, indicating a potential listing pop of 55-56 per cent.
Incorporated in May 2007, Nova AgriTech, based in Hyderabad, primarily focuses on three segments: soil health, plant nutrition, and crop protection. Bajaj Capital and Keynote Financial Services are the book running lead managers of the Nova AgriTech IPO, while Bigshare Services is the registrar for the issue. The company’s shares will be listed on both BSE and NSE with the tentative date of listing set for January 31, 2024.
Investors who bade for the issue can check their allotment status on the BSE website’s IPO application check page or the online portal of Bigshare Services, the registrar to the issue. However, it is important to note that Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
News Highlight :
– Nova AgriTech IPO basis of allotment to be finalized on January 29
– Investors to receive messages or emails for fund debit or revocations of IPO mandate
– IPO price band was Rs 39-41 per share
– Company raised around Rs 143.81 crore from primary route
– Issue was subscribed 109.37 times, with strong interest from non-institutional bidders
– Grey market premium at Rs 23 per share, suggesting a listing pop of 55-56%
– Company focuses on soil health, plant nutrition, and crop protection
– Brokerage firms were mostly positive on IPO
– Shares to be listed on BSE and NSE on January 31
– Investors can check allotment status on BSE website or Bigshare Services portal
– Disclaimer: Business Today provides stock market news for informational purposes only and should not be considered as investment advice.
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