Shares of Nova AgriTech Ltd made a strong debut at Dalal Street on Wednesday. The crop protection player debuted with a robust premium of 36.6 per cent at Rs 56 per share on BSE, over its issue price of Rs 41. Similarly, the stock was listed at Rs 55 on National Stock Exchange (NSE), a heavy strong premium of 34.14 per cent over the given issue price.
Listing of EPACK Durable has been better than the expected. Last heard, the company was commanding a premium of Rs 13 apiece in the grey market, signaling a negligible listing pop of 30-32 per cent to the investors. However, the premium in the unofficial market had tumbled sharply from Rs 28-30 during the bidding process for the issue.
The initial public offering (IPO) of Nova AgriTech was open for bidding between January 23 and January 25 as the company had set a price band at Rs 39-41 per share. The company successfully garnered Rs 143.81 crore through its primary stake sale, including a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) of up to 77.58 lakh equity shares.
The overall subscription for the issue came-in at an impressive 109.37 times, led by substantial interest from non-institutional bidders, securing an exceptional 224.08 times bids for their allocation. Portions for qualified institutional bidders (QIBs) was subscribed 79.31 times, while retail investors witnessed a subscription of 77.12 times during the bidding process.
Established in May 2007 and headquartered in Hyderabad, Nova AgriTech is primarily focused on three segments: soil health, plant nutrition, and crop protection. Bajaj Capital and Keynote Financial Services served as the book running lead managers for the Nova AgriTech IPO, and Bigshare Services was the registrar for the issue.
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