Nova AgriTech, headquartered in Hyderabad, specializes in three primary segments: soil health, plant nutrition, and crop protection.
Nova AgriTech IPO ran from January 23 to January 25, featuring a price band of Rs 39-41 per share and a lot size of 365 shares. The IPO successfully raised Rs 143.81 crore, and the shares are scheduled to be listed on Wednesday, January 31.
Nova AgriTech is set to finalize the basis of allotment for its recent IPO on Monday, January 29. Investors who participated in the IPO are expected to receive messages, alerts, or emails regarding the debit of funds or revocations of IPO mandate by the end of Monday. The company, focused on crop nutrition, received a strong response from investors during the bidding process.
The Nova AgriTech IPO was open for subscription from January 23 to January 25, with a price band of Rs 39-41 per share. The company successfully raised approximately Rs 143.81 crore through its primary offering, comprising a fresh share sale of Rs 112 crore and an offer-for-sale (OFS) of up to 77.58 lakh equity shares.
Nova AgriTech’s IPO witnessed strong demand, with an overall subscription of 109.37 times. Non-institutional bidders led the way with an impressive subscription of 224.08 times. Qualified institutional bidders (QIBs) also showed substantial interest, subscribing 79.31 times, while retail investors participated actively with a subscription of 77.12 times during the bidding process.
Nova AgriTech’s grey market premium (GMP) experienced an increase, reflecting the strong investor interest despite broader market volatility. The latest update indicates that the company is commanding a premium of Rs 23 per share in the grey market, suggesting a potential listing pop of 55-56%. Previously, the GMP for Nova AgriTech was reported at Rs 20 per share in the unofficial market.
Established in May 2007, Nova AgriTech, based in Hyderabad, primarily specializes in three key segments: soil health, plant nutrition, and crop protection.
Brokerage firms exhibited mostly positive sentiments toward the Nova AgriTech IPO. Analysts appreciated Nova AgriTech’s robust business model, concentration in the agricultural sector, favorable margins, and potential for expansion. However, some expressed skepticism, citing rich valuations and geographical concentration.
Bajaj Capital and Keynote Financial Services serve as the book running lead managers for the Nova AgriTech IPO, with Bigshare Services acting as the registrar for the issue. The company’s shares are set to be listed on both BSE and NSE, and the tentative date for listing is January 31, 2024, Wednesday.
Investors who participated in the IPO can check the allotment status on the BSE website’s IPO application check page. By selecting ‘Equity’ under the issue type and choosing Nova AgriTech Limited from the dropdown menu, they can enter the application number and PAN card number. After confirming ‘I am not a Robot,’ they can submit the details to check the allotment status.
Investors can also check the allotment status on the online portal of Bigshare Services, the registrar to the issue. To do so, they should visit the web portal of Bigshare Services and select the IPO of Nova AgriTech from the dropdown menu. Choose the type of application and enter the PAN card number, application number, or DP client ID in the respective tab. After filling in the captcha, they can hit ‘search’ to retrieve the allotment status for their application.
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