Nova AgriTech IPO allotment status

Nova AgriTech IPO allotment status

Jan 29, 2024 - 22:37
Jan 30, 2024 - 23:01
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Nova AgriTech IPO allotment status

The dates of the Nova AgriTech IPO were January 23–25. The specified price range for the IPO was Rs 39–41 per share. Through its primary method, which comprised an offer-for-sale (OFS) of up to 77.58 lakh equity shares and a fresh share sale of Rs 112 crore, the business raised about Rs 143.81 crore. The issue received 109.37 subscriptions, with non-institutional bidders subscribing 224.08 times more than any other bidder. During the bidding, the retail investor component was subscribed 77.12 times, and the quota for qualified institutional bidders (QIBs) was subscribed 79.31 times.

Despite market instability, Nova AgriTech's grey market premium (GMP) increased as a result of the significant investor interest. As of the last hearing, the company was asking a premium of Rs 23 per share, indicating a 55–56 percent listing premium. In the informal market, the GMP for Nova AgriTech used to be Rs 20 per unit.
On Monday, January 29, Nova AgriTech is expected to finalize the allocation basis for its recent IPO. By the end of Monday, investors who purchased the issue will receive emails, notifications, or messages regarding the debiting of monies or the revocation of the IPO mandate. Investors responded favorably to the crop nutrition player during the bidding process.

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