Godrej Agrovet to make market debut on Monday
New Delhi: Godrej Agrovet, the agri-business unit of Godrej Industries Ltd, will start its stock market debut on Monday after successfully concluding the initial public offer (IPO) last week. The Rs1,157 crore IPO was a huge hit and oversubscribed 95.41 times during 4-6 October.
The portion meant for qualified institutional buyers was oversubscribed 150.96 times, non institutional investors 236.04 times and retail investors 7.67 times, as per NSE data. The issue comprised fresh issue of shares worth Rs291.51 crore besides an offer for sale worth up to Rs300 crore by Godrej Industries and sale of up to 1.23 crore shares by V- Science.
The price band was fixed at Rs450-460 per share. Proceeds of the IPO would be utilised towards repayment of loans and other general purposes. Kotak Mahindra Capital Co., Axis Capital and Credit Suisse Securities (India) Pvt. Ltd managed the company’s issue.
The shares are proposed to be listed on BSE and NSE.