Nova Agritech makes a subtle debut; lists at 36% premium

31 Jan 2024 , 09:59 AM

Nova Agritech makes a classic debut in markets today. The stock is listed at a premium of about 36% at an issue price of ₹55 on NSE and ₹56 on the BSE. The shares were issued at a price of ₹41.

Nova AgriTech’s IPO is a book-built issue of ₹143.81 crore. The offering consists of a new issue of 2.73 crore shares totaling ₹112 crore and an offer for sale of 0.78 crore shares totaling ₹31.81 crore.

Nova AgriTech’s IPO bidding began on January 23, 2024 and finished on January 25, 2024. The allocation for the Nova AgriTech IPO was finalised on Monday, January 29, 2024. The shares were listed on the BSE and NSE on January 31, 2024.

Key Subscription Details:

On January 25, 2024 at 7:02:00 PM, the Nova AgriTech IPO was subscribed 113.21 times. The public offering was subscribed to 80.20 times in the retail category, 81.13 times in the QIB category, and 233.03 times in the NII category.

The net proceeds of the Fresh Offer, defined as gross proceeds less offer expenditures allocated to the firm, are planned to be used in the following manner:

The business will invest in Nova Agri Sciences Private Limited to establish a new formulation facility, expand the existing formulation plant, and fund its working capital requirements. 

Investment in Nova Agri Sciences Private Limited for working capital and other company needs, and to fund capital expenditure in the company.

Nova AgriTech Limited, founded in Hyderabad in May 2007, provides solutions that assist farmers to grow crops more effectively. The primary focus is on three areas: soil health, plant nutrition, and crop protection. The items are made with technology and are intended to be ecologically friendly and healthy.

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