Advance Agrolife IPO Day One — Check Subscription, GMP, Other Details

Advance Agrolife's initial public offering opened for subscription on Tuesday and was subscribed 0.12 times as of 11:45 a.m. The company aims to raise almost Rs 200 crore from the primary market.

The Advance Agrolife IPO is a book-built issue of Rs 192.86 crore. It comprises a fresh issue of 1.93 crore shares.

Retail investors can participate in the IPO by bidding for a single lot size of 150 shares, requiring an investment of Rs 15,000.  Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,10,000. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 67 lots. It will lead to an investment of Rs 10,05,000.

The price band for the IPO is set between Rs 95 and Rs 100 per share.

The subscription window will be open from Sept. 30 to Oct. 3, with the allotment expected to be finalised on Oct. 6. The company will transfer shares to the demat accounts of successful bidders on Oct. 7 and refunds for non-allottees will be done on the same day. 

Shares of the company are scheduled to list on the BSE and NSE on Oct. 8.

Qualified Institutional Buyers (QIBs) will be offered a maximum of 50% of the net issue. Retail investors will be allocated a minimum of 35% of the net issue and at least 15% will be reserved for Non-Institutional Investors. 

Choice Capital Advisors Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.

According to InvestorGain, the GMP for the Advance Agrolife IPO stood at Rs 10 as of 11:47 a.m. on Sept. 30. It indicates a listing price of Rs 110 apiece at a premium of 10% on the upper limit of the price band.