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The overall subscription for Nova AgriTech IPO 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.
Nova Agritech IPO: The shares opened at Rs 55 on the NSE and Rs 56 on the BSE against an issue price of Rs 41
Nova Agritech, an agri-input manufacturer, witnessed a solid listing for its IPO. The company's strong market position, diverse product portfolio, and effective marketing strategy contributed to its growth potential. Nova Agritech's consistent financial performance, impressive return on equity (ROE) of 32.1%, and robust PAT margins at 9.7% in FY23 further bolstered investor sentiment. The proceeds from the IPO will be used for investment in its subsidiary, funding capex, working capital requirements, and investment in Nova Agri Sciences.
Nova Agritech IPO: Applicants can check Nova Agritech IPO allotment status online at the BSE website. Details here
Ahead of the debut, the company's shares are trading with a premium of Rs 23 in the unlisted market. Considering the upper price band of Rs 41, the stock is expected to list with a premium of over 50%