Godrej Agrovet Ltd., India's largest animal feed maker, raised Rs 341.19 crore from anchor investors, ahead of its initial public offering which opens on Wednesday.
The company allotted 74.2 lakh shares to 25 anchor investors at the upper end of the IPO price band of Rs 460 a piece, according to stock exchange data.
Government of Singapore, First State Indian Subcontinent Fund, JPMorgan India Smaller Companies Fund, Goldman Sachs, HSBC, SBI Reliance Capital, ICICI Prudential, Birla Sun Life were among the investors who subscribed to the anchor allotment.
Ahead of the launch of an IPO, shares are allotted to anchor investors – usually large foreign and domestic funds – which demonstrates backing for the offer by institutional investors.
The company, backed by Singapore government's investment fund Temasek Holdings, is looking to raise close to Rs 1,157 crore by offering 2.52 crore shares at Rs 450-460 apiece.
Also Read: Here's All You Need To Know About Godrej Agrovet IPO
Parent Godrej Industries Ltd. will sell stake worth Rs 300 crore and Temasek's arm, V-Sciences, will offload a third of its nearly 20 percent holding. The agri-products maker will also issue fresh shares to mop up Rs 291.5 crore to repay short-term loans.
In a pre-IPO placement, it raised close to Rs 8.5 crore by offering shares to certain employees at Rs 440 apiece.
Godrej Agrovet is a research and development-focused agri-business company. It's been shifting focus from animal feed to crop protection business that offers higher margins.
Also Read: Temasek Set To Make Threefold Gains On Godrej Agrovet Investments
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