Nova Agritech share price makes a positive debut, stock lists with 34% premium at ₹55 on NSE

Nova Agritech IPO listing date: Nova Agritech share price today made a stellar debut on the bourses today. On NSE, Nova Agritech share price was listed at ₹55 per share, 34.1% higher than the issue price of ₹41. On BSE, Nova Agritech share price was listed at ₹56 apiece, up 36.6% than the issue price.

Experts predicted Nova Agritech shares to list at a premium of ₹14 to ₹20 per share, which meant allottees could expect the Nova Agritech share price to open at ₹55 to ₹61 per equity share. A couple of experts predicted the stock to list at a premium of around 60% to the issue price of ₹41 per share.

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Also Read: Nova Agritech IPO listing date today. Experts predict positive debut of shares; GMP drops

Nova Agritech IPO opened on Tuesday, January 23 and closed on Thursday, January 25. Nova Agritech IPO lot size was 365 equity shares and in multiples of 365 equity shares thereafter. Nova Agritech IPO 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.

Nova Agritech IPO subscription status was 109.37 times on day 3, as per BSE data. Nova IPO's retail investors portion was subscribed 77.12 times, Non Institutional Investors (NII) portion was subscribed 224.08 times, and Qualified Institutional Buyers (QIB) portion was booked 79.31 times.

Also Read: Didn’t get Nova AgriTech IPO allotment? Here’s how and when you will get your money back

Nova Agritech IPO details

Nova 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.

Also Read: Nova Agritech IPO last date: Issue oversubscribed 109.37 times; GMP steady

Nova Agritech IPO GMP today

Nova IPO GMP or grey market premium is +13, similar to the previous trading session. This indicates Nova Agritech share price were trading at a premium of ₹13 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Nova Agritech share price was indicated at ₹54 apiece, which is 31.71% higher than the IPO price of ₹41.

Based on last 24 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹23, as per analysts of investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Nova AgriTech IPO allotment declared. GMP, how to check allotment status online

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.