The initial public offer (IPO) of Nova Agritech was subscribed over 100 times so far on the last day of the bidding process, driven by robust bidding from non-institutional and retail investors. The issue was subscribed 223 times in the NII category and 76 times in the retail category. The IPO closes today.

Nova Agritech IPO GMP

The grey market premium (GMP) of Nova Agritech was flat compared with the previous day and is currently at Rs 20 above the issue price.

Nova Agritech IPO price band

The company has fixed a price band of Rs 39-41 for the IPO and investors can bid for 365 shares in one lot.

About 50% of the offer will be available for allocation to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors.

Also Read: Epack Durables IPO: Check status, GMP, listing date and other details

Nova Agritech IPO review

Most analysts gave a subscribe recommendation to the IPO over the company’s solid financial track record in a highly competitive sector. The company has delivered an impressive return on equity (ROE) of 32.1% and boasts robust PAT margins at 9.7% in FY23.

Other Details

Nova AgriTech is an agri-input manufacturer offering soil health management, crop nutrition, and crop protection products focused on a tech-based farmer-driven solution approach, wherein it mainly offers ecologically sustainable and nutritionally balanced products based on R&D.

As of November 2023, it received a total of 720 product registrations comprising seven registrations in the soil health management category, 176 in the crop nutrition category, 4 in the biopesticide category, 7 in technical indigenous manufacturing, and 526 in the crop protection category.

Out of the proceeds from the fresh issuance, Rs 14 crore will be utilized for investment in its subsidiary, Rs 10 crore for funding capex, Rs 26 crore for funding working capital requirements, and the rest for investment in the subsidiary Nova Agri Sciences.

Keynote Financial Services and Bajaj Capital are the book-running lead managers and Bigshare Services is the registrar of the offer.

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