Nova Agritech Shares Debut At 36% Premium Over IPO Price
On NSE the stock debuted at Rs 55 apiece, a 34.20% premium.
Shares Nova Agritech Ltd. listed at Rs 56 apiece on the Bombay Stock Exchange, a premium of 36.6% over the IPO price of Rs 41 per share.
On NSE the stock debuted at Rs 55 apiece, a 34.20% premium.
The Rs 143.81-crore IPO was subscribed 109.37 times on the third and final day. The bids were led by non-institutional investors (224.08 times), retail investors (77.12 times), and institutional investors (79.31 times).
Incorporated in May 2007, Nova Agritech is an agri-input manufacturer offering soil health management, crop nutrition and crop protection products. Its subsidiary, Nova Agri Sciences, manufactures crop protection products for the company.
The company has 11,722 dealers affiliated with it, of which 6,769 dealers are active. Its dealer network is present in 16 states, with significant amounts of revenue coming from Andhra Pradesh, Karnataka and Telangana.
The company has entered into marketing, distribution and supply agreements with certain third parties in Bangladesh, Sri Lanka and Vietnam, and is planning to start operations there.
