The initial public offering (IPO) of Advance Agrolife Ltd., which opened for subscription on Wednesday, September 30, has been subscribed 1.67 times as of 2:05 p.m. on Wednesday.
Amid the buzz, the unlisted shares of the company have been trading at a premium in the grey market (GMP), suggesting potential listing gains for investors.
The subscription period for the Advance Agrolife IPO will close on Friday, October 3.
Here’s a look at what the latest GMP trends indicate for the mainboard issue of Advance Agrolife.
Advance Agrolife IPO GMP Today
According to InvestorGain, the GMP for the Advance Agrolife IPO stood at Rs 9 as of 1:00 p.m. on October 1. It indicates a listing price of Rs 109 apiece at a premium of 9% on the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
Advance Agrolife Solutions IPO: Price Band, Offer Size, Lot Size, Important Date
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 allotment is expected to be finalised on October 6. The company will transfer shares to the demat accounts of successful bidders on October 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 October 8.
Choice Capital Advisors Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.
Use Of Proceeds
The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes.
About Advance Agrolife
Advance Agrolife manufactures and distributes a variety of agrochemicals such as insecticides, fungicides, herbicides and plant growth regulators. It was established in 2002.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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