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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%
Nova Agritech IPO: The price band for the issue has been fixed at Rs 39-41 a share
Most analysts have given a subscribe recommendation to the issue over the company's solid financial track record in a highly competitive sector. The company has delivered an impressive return on equity of 32.1% and boasts robust PAT margins at 9.7% in FY23.
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.
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.