Advance Agrolife IPO GMP In Focus Ahead Of Final Day Of Subscription; Check Allotment Date And More
According to the current GMP trends, the grey market premium for the mainboard issue has gained since it opened for subscription on September 30.
Advance Agrolife Ltd.’s initial public offering (IPO), which opened on September 30, is scheduled to close for subscription on Friday, October 3. The Jaipur-based agrochemical products manufacturing company distributes a variety of agrochemicals such as insecticides, fungicides, herbicides and plant growth regulators.
According to the BSE data, the issue was oversubscribed 1.87 times, receiving bids for 2,52,97,650 shares against 1,35,09,004 shares on offer. The Non-Institutional Investors (NIIs) segment was oversubscribed 1.22 times, retail investors 1.22 times and Qualified Institutional Buyers (QIBs) 3.5 times.
With just a day left before the subscription closes, the grey market premium (GMP) for the Advance Agrolife IPO is in focus today. According to the current trends, the GMP for the mainboard issue has gained since the IPO opened for subscription on September 30.
Advance Agrolife IPO GMP Today
The grey market premium (GMP) of the Advance Agrolife IPO was Rs 15 as of 8:30 a.m. on October 3. Considering the upper end of the IPO’s price band of Rs 100, the estimated listing price is Rs 115 (base price plus the latest GMP), indicating a gain of around 15% per share.
This means the unlisted shares of Advance Agrolife were trading at Rs 115 on the private market. Investors can expect an approximate gain of around 15% when the shares list on the BSE and NSE next week.
The GMP for the mainboard issue was Rs 5 when it opened for subscription on Monday. It increased further to Rs 12 on Tuesday.
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 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.
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.
Advance Agrolife IPO Allotment And Listing Date
The share allotment of Advance Agrolife IPO 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.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
