Advance Agrolife IPO Subscribed 1.87x on Day 2

New Delhi, Oct 1 (PTI) The initial public offer of agrochemical firm Advance Agrolife Ltd got subscribed 1.87 times on the second day of share sale on Wednesday.

The IPO received bids for 2,52,90,300 shares against 1,35,09,004 shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) portion fetched 3.50 times subscription, while the quota for non-institutional and retail investors received 1.22 times subscription each.

Advance Agrolife Ltd on Thursday last week announced a price band of Rs 95-100 per share for its Rs 193-crore initial public offering (IPO).

The Jaipur-based company's IPO is entirely a fresh issue of 1.93 crore equity shares worth Rs 193 crore at the upper end of the price band.

Proceeds from the fresh issue to the tune of Rs 135 crore will be utilised for funding working capital requirements, and the rest for general corporate purposes. The initial share sale will conclude on October 3.

Advance Agrolife is engaged in manufacturing a wide range of agrochemical products that support the entire lifecycle of crops. The company's product portfolio includes insecticides, herbicides, fungicides, and plant growth regulators. It also manufactures other agrochemical products such as micro-nutrient fertilisers and biofertilisers.