Nova Agritech's IPO was oversubscribed 109.36 times on the final day, driven by strong institutional investor participation. The IPO raised Rs 143.81 crore with a price range of Rs 39-41 per share.
New Delhi, Jan 25 (PTI) The Initial Public Offer (IPO) of Nova Agritech got subscribed a whopping 109.36 times on the last day of subscription on Thursday, with heavy participation coming in from institutional investors.
The Rs 143.81 crore-IPO received bids for 2,77,94,75,730 shares against 2,54,14,746 shares on offer, according to data available with the NSE.
The portion for non institutional investors fetched 224.06 times subscription and Qualified Institutional Buyers (QIBs) quota got subscribed 79.31 times. The category for Retail Individual Investors (RIIs) received 77.10 times subscription.
The IPO of the manufacturer of agricultural inputs had a fresh issue of up to Rs 112 crore and an offer-for-sale of up to 77,58,620 equity shares.
Price range for the offer was Rs 39-41 a share.
On Friday, Nova Agritech had raised a little over Rs 43 crore from anchor investors.
Incorporated in 2007, the firm manufactures, distributes and markets soil health management products, crop nutrition, biostimulants, bio-pesticide, integrated pest management products and crop protection products.
Keynote Financial Services and Bajaj Capital were the managers to the offer.
Equity shares of the company are proposed to be listed on BSE and NSE.
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