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Nova Agritech IPO subscribed 9.75 times on Day 1 led by Retail and NII

Posted On: 2024-01-23 23:13:46 (Time Zone: IST)


The Initial Public Offering of Nova Agritech Limited was subscribed 9.74 times on the first day of bidding led by Retail and NII.

The issue received bids of 24,77,91,200 shares against the offered 2,54,14,746 equity shares, at a price band of ?39-41, according to the data available on the stock exchanges.

Non-Institutional Investors Portion with 14.68 times, Retail Portion was subscribed with 12.77 times, whereas Qualified Institutional Buyer Portion subscribed 0.62 times. The issue kicked off for subscription on Tuesday, January 23, 2023 and will close on Thursday, January 25, 2023.

Last week, Nova Agritech Ltd had raised Rs 43.14 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were AG Dynamic Funds Limited, Neomile Growth Fund - Series I, Saint Capital Fund, and Quantum-State Investment Fund.

Leading brokerages like BP Equities, StoxBox, Swastika, and Ventura Securities, have given a "SUBSCRIBE" rating to the issue, highlighting the company's impressive financial performance over the last three years. Despite the inherent susceptibility to climatic conditions and competition within the agri-input sector, the IPO's attractiveness is underlined by a compelling valuation, featuring a P/E of 13.05x and a noteworthy RoNW of 38.27%. Nova Agritech has a comparatively low PE ratio to industry peers, further strengthening the case for a positive investment outlook.

Keynote Financial Services Limited and Bajaj Capital Limited are the book running lead managers and Bigshare Services Pvt Ltd is the registrar to the offer.


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