Nova Agritech IPO announces price band at ₹39-41 per share; check GMP, issue details, key dates, more
- Nova Agritech IPO price band set at ₹39 to ₹41 per equity share. Nova Agritech IPO date of subscription from January 22 to January 24.
Nova Agritech IPO price band: The Nova Agritech IPO price band has been set in the range of ₹39 to ₹41 per equity share of the face value of ₹2. The Nova Agritech IPO date of subscription is scheduled for Monday, January 22, and will close on Wednesday, January 24. The allocation to anchor investors for the Nova Agritech IPO is scheduled to take place on Friday, January 19.
The floor price is 19.50 times the face value of the equity shares, and the cap price is 20.50 times the face value of the equity shares. The price-to-earnings ratio based on diluted EPS for the fiscal 2023 at the floor price is 11.93 times and at the cap price is 12.54 times. The Nova Agritech IPO lot size is 365 equity shares and in multiples of 365 equity shares thereafter.
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Nova Agritech IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, Nova Agritech IPO basis of allotment of shares will be finalised on Thursday, January 25, and the company will initiate refunds on Monday, January 29, while the shares will be credited to the demat account of allottees on the same day following refund. Nova Agritech share price is likely to be listed on BSE and NSE on Tuesday, January 30.
Malathi S, Kiran Kumar Atukuri, Yeluri Family Trust, Suraksha Agri Retails (India) Private Limited, and others are the company's promoters.
The promoters now hold 5,49,44,020 equity shares collectively, or 84.27% of the issued shares, as of the date of this Red Herring Prospectus (RHP), which is January 12.
As a manufacturer of agricultural inputs, Nova Agritech specialises in crop protection, crop nutrition, and soil health management. Our tech-driven farmer-driven solution approach allows us to provide products that are both nutritionally balanced and environmentally sustainable, with a focus on research and development.
Product categories that the company manufactures, distributes, and markets include: (a) products for managing soil health; (b) products for crop nutrition; (c) products for biostimulants; (d) products for biopesticides; (e) products for Integrated Pest Management; (f) new technologies; and (g) products for crop protection. Currently, the company's subsidiary Nova Agri Sciences Private Limited is in charge of producing the crop protection products.
The company's listed peers are Aries Agro Ltd(with a P/E of 15.44), Aimco Pesticides Limited(with a P/E of (56.62)), Basant Agrotech Limited (with a P/E of 10.54), Best Agrolife Limited (with a P/E of 41.93), Bhagiradha Chemicals & Industries Ltd (with a P/E of 11.30), Heranba Industries Limited (with a P/E of 13.56), India Pesticides Limited (with a P/E of 29.51), Madras Fertilizers Limited (with a P/E of 9.35), and Dharmaj Crop Guard Limited (with a P/E of 21.89), as per RHP.
Nova Agritech IPO details
Nova Agritech IPO, which is worth ₹143.81 crore, comprises a fresh issue of ₹112 crore, and an offer-for-sale (OFS) of 7,758,620 equity shares of ₹2 aggregating up to ₹31.81 crore by the selling shareholder, Nutalapati Venkatasubbarao.
The net proceeds of the issue are planned to be used as follows: Investment in the subsidiary Nova Agri Sciences Private Limited for the construction of a new formula factory; financing the company's capital expenditures for the expansion of an existing formula plant; financing the company's working capital needs; investment in subsidiary Nova Agri Sciences Private Limited to finance working capital needs; and for general business purposes.
Keynote Financial Services Ltd and Bajaj Capital Limited are the lead managers for the Nova AgriTech IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Nova Agritech IPO GMP today
Nova Agritech IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹41 with no premium or discount in the grey market according to topsharebrokers.com
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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