Shares of Advance Agrolife will be listed on the BSE and NSE on October 8. The allotment of shares was completed on October 6, while the subscription window was open from September 30 to October 3.
The mainboard issue was oversubscribed 56.85 times on the last day of the share sale on Friday, helped by strong participation from Non-institutional buyers.
The Rs 192.86-crore IPO received bids for 76,80,36,900 shares against 1,35,09,004 shares on offer, as per BSE data.
Ahead of its listing on Wednesday, there is also a buzz around the grey market premium of the IPO. The unlisted shares of Advance Agrolife were trading at a premium in the private market, indicating a potential gain of up to 12% when the shares debut on the market today.
Here's all the latest news surrounding the listing of Advance Agrolife IPO.
Advance Agrolife IPO GMP Today
The grey market premium (GMP) of the Advance Agrolife IPO was Rs 13 as of 7:00 a.m. on October 8. Considering the upper end of the IPO’s price band of Rs 100, the estimated listing price is Rs 113 (base price plus the latest GMP), indicating a gain of around 13% per share.
This means the unlisted shares of Advance Agrolife were trading at Rs 113 on the private market. Investors can expect an approximate gain of around 13% when the shares list on the BSE and NSE today.
The GMP for the mainboard issue was Rs 5 when it opened for subscription last week. It gained further to Rs 14.5 when the IPO closed for subscription on Friday.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Advance Agrolife IPO: Key Details
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 could 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 were required to bid for 14 lots, amounting to an investment of Rs 2,10,000. Big Non-Institutional Investors could 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 was set between Rs 95 and Rs 100 per share.
Choice Capital Advisors Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.
The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes.
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