Mumbai: The initial public offering (IPO) of Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, on the last day of the offering, witnessed strong investor demand and was subscribed 96.84 times, data from stock exchanges shows.

On the second day of the offering on Thursday, the issue had witnessed a 2.37 times subscription.The IPO witnessed high subscription demand across all class of investors.

As of 7pm, the portion of shares reserved for institutional investors saw a subscription of 155.17 times, while the portions reserved for retail investors and non-institutional investors were subscribed 7.55 times and 238.68 times, respectively.

Godrej Agrovet had priced its shares in a band of Rs450-460 per share.

The Rs1,157 crore IPO comprised a fresh issue of shares worth Rs291.5 crore. Proceeds from the fresh issue will be used by the firm for repayment or prepayment of working capital facilities, repayment of commercial papers issued by the company, and to meet general corporate expenses.

Promoter Godrej Industries plans to offload shares worth Rs300 crore. Temasek Holdings Pte, which currently holds 20% in the agri-business company, is selling 12.3 million shares, which at the upper end of the price band will fetch the Singapore state-owned investor about Rs565.8 crore.

Temasek invested Rs572 crore in 2012. Post share sale, Temasek will hold 13% in Godrej Agrovet.

Established in 1991, Godrej Agrovet is a research and development-focused agri-business company with operations across five business verticals—animal feed, crop protection, oil palm, dairy and poultry and processed foods.

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