Advance Agrolife IPO Subscribed 56.85 Times

New Delhi, Oct 3 (PTI) The initial public offer of agrochemical firm Advance Agrolife Ltd got subscribed 56.85 times on the final day of share sale on Friday.

The IPO received bids for 76,80,36,900 shares against 1,35,09,004 shares on offer, as per NSE data.

The quota for non institutional investors got subscribed a huge 175.30 times. The category for Qualified Institutional Buyers (QIBs) received 27.31 times subscription while the Retail Individual Investors (RIIs) portion got subscribed 23.06 times.

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.

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.