Advance Agrolife IPO Subscribed 42% on Day 1

New Delhi, Sep 30 (PTI) The initial public offer of agrochemical firm Advance Agrolife Ltd got subscribed 42 per cent on the first day of share sale on Tuesday.

The IPO received bids for 57,06,000 shares against 1,35,09,004 shares on offer, according to NSE data.

The quota for non-institutional investors got subscribed 61 per cent while that of Retail Individual Investors (RIIs) received 58 per cent subscription.

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 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.