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%.
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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.
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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.
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Published: 24 Jan 2024, 12:58 PM IST