Active Stocks
Mon Apr 15 2024 12:14:03
  1. Tata Steel share price
  2. 161.95 -0.95%
  1. ITC share price
  2. 426.95 -0.73%
  1. Tata Motors share price
  2. 1,003.15 -1.49%
  1. State Bank Of India share price
  2. 760.80 -0.78%
  1. Wipro share price
  2. 464.70 -1.32%
Business News/ Markets / Nova Agritech IPO: Issue continues to see robust demand on day 2, booked 33.87 times; GMP steady
BackBack

Nova Agritech IPO: Issue continues to see robust demand on day 2, booked 33.87 times; GMP steady

Nova Agritech IPO subscription status on the second day shows impressive response from investors. Nova Agritech IPO was fully booked within the first hour of opening, with subscription status at 9.75 times on day 1.

Nova Agritech IPO date of subscription opened on Tuesday, January 23 and will close on Thursday, January 25. (https://novaagri.in/)Premium
Nova Agritech IPO date of subscription opened on Tuesday, January 23 and will close on Thursday, January 25. (https://novaagri.in/)

Nova Agritech IPO subscription status: On the second day of subscription, investors' response to the Nova Agritech IPO continued to be impressive. At the end of day 2, Nova Agritech IPO subscription status was 33.87 times, as per data available on BSE.

On day 2, Nova Agritech IPO's retail investors portion was subscribed 36.28 times, Non Institutional Investors (NII) portion was subscribed 71.23 times, and Qualified Institutional Buyers (QIB) portion was booked 1.12 times.

Also Read: Nova Agritech IPO: Here are key risk factors to know before you subscribe to the issue

Nova Agritech IPO was fully booked within the first hour of the IPO opening, on the day 1 due to overwhelming response from retail and non institutional investors (NIIs). Nova IPO subscription status was 9.75 times at the end of the first day.

On day 1, Nova Agritech IPO's retail investors portion was subscribed 12.77 times, Non Institutional Investors (NII) portion was subscribed 14.68 times, and Qualified Institutional Buyers (QIB) portion was booked 62%.

Nova Agritech IPO details
View Full Image
Nova Agritech IPO details

Nova Agritech IPO date of subscription was rescheduled for Tuesday, January 23 and will close on Thursday, January 25. Initially, the Nova Agritech IPO was scheduled to open on Monday, January 22, but the equity market remained closed on Monday on account of a public holiday in the country celebrating the inauguration of the Ram Temple in the northern city of Ayodhya. Hence, the opening was postponed. 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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

The Nova Agritech IPO lot size is 365 equity shares and in multiples of 365 equity shares thereafter. 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.

Also Read: Nova AgriTech IPO opens today: Latest GMP, price, date, 10 essential details to know about the IPO

Nova Agritech IPO Subscription Status

Nova IPO has received bids for 86,09,18,930 shares against 2,54,14,746 shares on offer, according to data from the BSE.

Nova Agritech IPO retail investors' portion received bids for 46,31,33,900 shares against 1,27,66,799 shares on offer for this segment.

Nova IPO's non-institutional investors' portion received bids for 38,97,58,680 shares against 54,71,486 on offer for this segment.

Nova Agritech IPO's QIBs portion received bids for 80,26,350 shares against 71,76,461 shares on offer for this segment.

Also Read: Nova Agritech IPO: Issue fully subscribed as day 1 sees rush from NIIs, retail investors; GMP steady

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.

Nova Agritech IPO GMP today

Nova IPO GMP or grey market premium is +20, similar to six trading sessions. This indicates Nova Agritech share price were trading at a premium of 20 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 61 apiece, which is 48.78% higher than the IPO price of 41.

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

Also Read: Nova Agritech IPO announces price band at 39-41 per share; check GMP, issue details, key dates, more

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Jan 2024, 12:58 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App