BackAristo BioTech IPO: GMP, subscription status, key details of the SME issue
Aristo BioTech IPO opened for public subscription on Monday, January 16, 2023
PremiumAristo Bio - Tech And Lifescience Limited's initial public offering (IPO) opened for public subscription on Monday, January 16, 2023, and will conclude on Thursday, January 19, 2023, and will subsequently be listed on the NSE Emerge platform. As of 11:40 am on day 2, the issue has been subscribed 3.75 times.
As per market observers, Aristo BioTech shares are commanding a premium of ₹16 in the grey market today. The company's shares are expected to list on the NSE Emerge platform next week on Friday, January 27, 2023. NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform.
The company intends to raise ₹1,305.22 Lakhs by issue of 18,12,800 shares which are priced at ₹72 per share and will be sold in lots of 1,600 shares. The lead managers to the issue are Beeline Capital Advisors Private Limited, leading merchant banking company of Gujarat and the registrar to the issue is Link Intime Financial Services Private Limited.
Chairman and Managing Director, Aristo Bio-Tech And Lifescience Limited, Narendra Singh Barhat, said, “IPO funding will help us in growing our company to next stage as we have enough capacity in our existing setup and good team what we need is working capital to fuel our growth and IPO funding will provide that."
Aristo Biotech an agrochemical and crop protection Company and engaged in a wide range of product categories, such as Insecticides, Herbicides, Fungicides and Plant Growth Regulators.
Avinash Gorakshakar, Head of Research, Profitmart Securities said “Aristo Bio tech is a leading agrochemical player enjoying a diversified basket of technical and branded formulations in its product basket. It put up a decent performance in FY22 and hopefully in FY23 also the co will be recording healthy growth in both topline and profits. We believe the domestic agrochemicals industry presents a strong business opportunity ahead for the next 2 to 3 years going ahead."
(With inputs from PTI)
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