The company’s IPO saw strong investor interest, with the issue being subscribed 109.37 times, helping it raise Rs 143.81 crore from its primary route. The crop nutrition company's shares are set to list on January 31
Nova AgriTech is set to finalise the basis of allotment for its recent initial public offering (IPO) on January 29. Investors who participated in the bidding process will receive messages, alerts, or emails regarding the debit of funds or revocation of the IPO mandate by the end of Monday.
The crop nutrition company had a strong response from investors during the IPO, which ran from January 23 to January 25. The IPO price band was set at Rs 39–41 per share, and the company raised approximately Rs 143.81 crore from its primary route, which included a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) of up to 77.58 lakh equity shares.
The Nova AgriTech IPO saw strong investor interest, with the issue being subscribed 109.37 times. Non-institutional bidders led the way with a subscription of 224.08 times, while the qualified institutional bidders (QIBs) quota was subscribed 79.31 times. Retail investors also showed keen interest, with their portion being subscribed 77.12 times during the bidding process.
Despite volatility in the broader market, Nova AgriTech's grey market premium (GMP) increased, and the company was commanding a premium of Rs 23 per share.
This suggests a listing pop of 55–56 percent. The GMP for Nova AgriTech earlier stood at Rs 20 apiece in the unofficial market. Nova AgriTech, headquartered in Hyderabad, was founded in May 2007 and primarily focuses on soil health, plant nutrition, and crop protection.
Most brokerage firms had a positive outlook on the Nova AgriTech IPO. Analysts appreciated Nova AgriTech's robust business model, focus on the agri sector, margins, and scope for expansion. However, some were sceptical and suggested subscribing to the issue for long-term gains due to rich valuations and geographical concentration.
Bajaj Capital and Keynote Financial Services acted as book-running lead managers for the Nova AgriTech IPO, while Bigshare Services was the registrar for the issue. Shares of the company will be listed on both BSE and NSE, with Wednesday, January 31, 2024, as the tentative date of listing.
Investors who bade for the issue can check the allotment status on the IPO application check page of the BSE website. Select Nova AgriTech Limited from the dropdown under the equity issue type, enter the application and PAN card numbers, complete the 'I am not a Robot' check, and hit the submit button.
Investors can also check the allotment status on the online portal of Bigshare Services, the issue's registrar. Select the Nova AgriTech IPO from the dropdown, choose the type of application, and enter either the PAN card number, application number, or DP client ID as selected. Complete the captcha and hit'search' to get the allotment status for your application.