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The Nova Agritech Ltd. initial public offering was fully subscribed on its first day Tuesday. The offering — comprising a fresh issue and offer for sale — is looking to raise Rs 143.8 crore through the issue. The IPO, which will continue till Jan. 25, has a price band of Rs 39-41 per share.
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
Unlisted shares of Nova Agritech Ltd continue to trade Rs 20 higher in the grey market, which is a 48.78 per cent listing gain from the public issue, Nova Agritech IPO Opens: Check Subscription Status, GMP Today