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Most analysts gave a subscribe recommendation to the Nova Agritech IPO over the company's solid financial track record in a highly competitive sector. However, despite a strong subscription, the GMP of the was slightly down and is currently about 50% above the issue price.
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Nova Agritech IPO comprises a fresh equity issue of Rs 112 crore and an offer-for-sale (OFS) of 77.58 lakh shares, The IPO opens today and closes on January 25. 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 shares will be available for allocation to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors.
Nova Agritech IPO was fully subscribed on the first day of bidding, with an overall subscription of 5.4 times so far. Retail category subscription stood at 8.1 times, followed by NII part at 6.1 times. The IPO includes a fresh equity issue of Rs 112 crore and an offer-for-sale of 77.58 lakh shares. Nova Agritech GMP is quoting Rs 20 in the unlisted market, with a premium of nearly 70%. The company has fixed a price band of Rs 39-41 for the IPO.
Nova Agritech IPO: The price band for the issue, which will close on January 25, has been fixed at Rs 39-41 a share