Advance Agrolife's initial public offering was subscribed 56.85 times on final day of subscription. The IPO was subscribed 1.87 times led by qualified institutional buyers on its second day on Wednesday. Meanwhile, it was subscribed 0.42 times on its first day on Monday. 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, that comprises a fresh issue of 1.93 crore shares.
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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.
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.
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.
Advance Agrolife IPO Subscription
The Advance Agrolife IPO was subscribed 56.85 times as of 7:00 p.m. on Friday.
Institutional investors (QIB): 27.31 times.
Non-Institutional investors (NII): 175.30 times.
Retail investors: 23.06 times.
Employee Reserved: 38.42 times.
GMP
According to InvestorGain, the GMP for the Advance Agrolife IPO stood at Rs 15 as of 8:31 a.m. on Oct. 3. It indicates a listing price of Rs 115 apiece at a premium of 15% on the upper limit of the price band.
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