On January 23, 2024, subscriptions for the Nova AgriTech Limited IPO went live, and the bids closed on January 25, 2024. It is anticipated that on Monday, January 29, 2024, the allocation for the Nova AgriTech Limited IPO will be completed. The tentative listing date for the Nova AgriTech IPO is Wednesday, January 31, 2024, and it will take place on the BSE and NSE. An issue of Rs 143.81 crores, book built, is the Nova AgriTech IPO. Together, 2.73 crore newly issued shares, valued at Rs 112.00 crores, and 0.78 crore shares, valued at Rs 31.81 crores, are being offered for sale as part of this issue.
The price range for Nova AgriTech’s IPO is ₹39 to ₹41 per share. An application must have a minimum lot size of 365 shares. Retail investors must invest a minimum of ₹14,965 in order to qualify. For both sNII and bNII, the minimum lot size investment is ₹209,510 for 14 lots (5,110 shares) and ₹1,002,655 for 67 lots (24,455 shares).
The Nova AgriTech Limited IPO’s book running lead managers are Keynote Financial Services Ltd and Bajaj Capital Limited, with Bigshare Services Pvt Ltd serving as the registrar.
Overview
Nova AgriTech Ltd, headquartered in Hyderabad and founded in 2007, manufactures environmentally friendly agricultural products with a focus on soil health, plant nutrition, and crop protection. The company works with farmers to create tailored solutions based on their insights. Nova AgriTech offers soil health products, crop nutrition products, bio-stimulants, bio-pesticides, integrated pest management products, and crop protection products.
Nova AgriTech Ltd has registered 629 products in four categories: 7 for soil health management, 168 for plant nutrition, 4 for biopesticides, and 450 for crop protection. The company works with farmers through a network of 13 Kisan Mitras, 253 Kisan Sevaks, and 32 NKSK Coordinators with Agricultural Sciences degrees to ensure personalized solutions at the grassroots level.
Nova AgriTech IPO Details
| IPO Date | January 23, 2024 to January 25, 2024 |
| Basis of Allotment | Monday, January 29, 2024 |
| Initiation of Refunds | Tuesday, January 30, 2024 |
| Listing Date | Wednesday, January 31, 2024 |
| Lot Size | 365 Shares |
| Total Issue Size | 35,075,693 shares (₹143.81 Cr) |
| Price Band | ₹39 to ₹41 per share |
| Listing At | BSE, NSE |
Nova AgriTech’s IPO strengths
- With a broad range of products, the company provides a complete solution for integrated pest management, crop protection, bio stimulants, biopesticides, soil health, and crop nutrition.
- The company uses a well-established network of about 10,900 dealers spread across several states to market, sell, and distribute its wide range of products to farmers throughout India.
- Through its farmer outreach program, Nova Kisan Seva Kendra, the company educates farmers on a variety of crop management techniques.
- Product development and marketing with a tech focus.
Subscription Status
According to BSE data, at 14:15 IST, bids were received for 57,89,31,975 shares of the Nova IPO, while 2,54,14,746 shares were on offer.
In the retail investors’ portion of the Nova Agritech IPO, bids were received for 34,70,12,800 shares, while the total number of shares offered was 1,27,66,799 shares.
Bids were received for 22,63,48,910 shares of the 54,71,486 shares that were offered to the non-institutional investors in the Nova IPO.
Bids were received for 55,70,265 shares of the Nova Agritech IPO’s QIBs segment, out of the 71,76,461 shares that were offered for this segment.
Nova Agritech IPO GMP today
The grey market premium, or GMP, for the Nova IPO is +20, or roughly six trading sessions. According to investorgain.com, this shows that the price of Nova Agritech shares were trading at a premium of ₹20 on the black market.
Nova Agritech’s estimated listing price was ₹61 per share, 48.78% more than the IPO price of ₹41, taking into account the upper end of the IPO price band and the current premium in the grey market.
A “grey market premium” denotes the willingness of investors to part with more money than the issue price.
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