Nova Agritech IPO Shows Robust Performance: Subscribed 33.82 Times on Day 2

On January 24, Nova Agritech IPO saw a subscription rate of 33.82 times, with retail investors bidding 36.19 times, high-net-worth individuals (HNI) subscribing 71.19 times, and qualified institutional buyers (QIB) securing 1.12 times the allotted quota.
Nova Agritech's IPO Shows Robust Performance Subscribed 33.82 Times on Day 2

Nova Agritech’s IPO witnessed a subscription rate of 33.82 times on January 24, the second day of bidding. Retail investors bid 36.19 times, high-net-worth individuals (HNI) subscribed 71.19 times, and qualified institutional buyers (QIB) secured 1.12 times the allotted quota.

Scheduled to close on January 25, the IPO has a price range of Rs 39–41 per share. The offering includes a fresh issue of 2.73 crore shares valued at Rs 112 crore and an Offer for Sale (OFS) of 77.58 lakh shares worth Rs 31.81 crore. The company’s promoters are Suraksha Agri Retails (India), Malathi S., and Kiran Kumar Atukuri.

Before the IPO, Nova Agritech secured Rs 43.14 crore from four institutional investors on January 19. The largest investor, AG Dynamic Funds, acquired nearly Rs 13 crore of equity shares. Other investors include Neomile Growth Fund – Series I, Saint Capital Fund, and Quantum-State Investment Fund, each investing more than Rs 10 crore.

The fresh issue proceeds of Rs 14.20 crore will be allocated for investment in the subsidiary Nova Agri Sciences to establish a new formulation plant. Additionally, Rs 10.49 crore will fund capital expenditure by Nova Agritech and expand its existing formulation plant. Nova Agritech’s working capital requirements will be supported with Rs 26.65 crore, and Rs 43.36 crore will be invested in Nova Agri Sciences’ working capital requirements.

Read more: Nova Agritech Limited IPO Fundamental Analysis

Nova Agritech, specializing in agri-input manufacturing focusing on soil health management, crop nutrition, and crop protection products, adopts a tech-based, farmer-driven solution approach. The company boasts a dealer network of approximately 11,722 dealers. Keynote Financial Services and Bajaj Capital serve as the book-running lead managers, with Bigshare Services as the registrar.

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