Godrej Agrovet’s IPO Subscribed 2.37 Times On Second Day Of BiddingÂ
Day 2 Subscription (As of 5 pm)
- Qualified institutional buyers: 2 times
- Non-institutional bidder: 2.09 times
- Retail investor: 2.80 times
- Employee: 0.26 times
- Overall: 2.37 times
Godrej Agrovet's Rs 1,157-crore initial public offering was subscribed 2.37 times on the second day of bidding today.
The portion set aside for retail investors received the highest demand for 2.80 times the shares on offer, while the qualified institutional buyers' segment was subscribed 2 times, according to lead banker Axis Capital. The non-institutional bidder segment was subscribed 2.09 times and the portion reserved for employees was subscribed 0.26 times.
Also Read: Here's All You Need To Know About Godrej Agrovet IPO
Ahead of the launch of its public offering, the company raised Rs 341.19 crore from 25 anchor investors at the upper end of the price band.
Backed by Singapore government's investment fund Temasek Holdings, Godrej Agrovet is looking to raise close to Rs 1,157 crore by offering 2.52 crore shares at Rs 450-460 apiece.
Parent Godrej Industries Ltd. is selling a 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.
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.
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